Credit Agricole Commercial Finance Delivers


Heineken has sold its wholesale division WaverleyTBS to investment firm Manfield Partners to focus on its core brewing business. In this significant transaction involving the Dutch brewing giant, Crédit Agricole Commercial Finance structured and delivered the debt funding facility for the acquirer.

Jeremy Blood, former managing director of Scottish & Newcastle, will become chairman of WaverleyTBS and take an equity stake in the business that has a turnover of £500 million.

Steve Hall, Regional Sales Director for Crédit Agricole Commercial Finance comments: "This is a landmark transaction - an interesting deal that combines commercial appetite, speed and flexibility. At Crédit Agricole Commercial Finance, we have a strong heritage in the wholesale sector and transactions such as this show that we continue to lead the way in the provision of substantial, innovative facilities within a fast timeframe. Crédit Agricole Commercial Finance is delighted to have supported Manfield Partners in their acquisition of WaverleyTBS."

A spokesperson from Manfield Partners adds: "WaverleyTBS is one of the UK's leading suppliers to the on-trade drinks sector supplying 31,000 national and independent free trade outlets throughout the UK. It supplies a full range of beer, cider, spirits, wine and soft drinks and fulfils a vital route to market for many domestic and international drinks brands."

"Manfield have appointed a sector-experienced non-executive chairman and an interim CFO. We have also appointed advisers to assist on treasury and logistics functions to assist in the transition from Heineken subsidiary, through turnaround, to a stand-alone operation."

Stefan Orlowski, managing director for Heineken UK, said: "We are very pleased to have agreed this deal with Manfield and it provides a strong position for all three parties. From a Heineken perspective, the sale enables us to better concentrate attention on our core business and to focus investment behind our brands."

"For WTBS, it builds on a successful restructuring programme already in place, and the new owners will be well placed to develop the business further, bringing the focus and strategic direction that will come from independent operation. Importantly, Manfield recognises the quality of people we have in WaverleyTBS and that they will be critical to long term success."

A new board structure will be put in place for the newly created Huntingtower Investment Group, which will involve both members of the WTBS and Manfield management teams. Mark Gerken has stepped down from his role as chairman of WTBS.

Jonathan Townsend, managing director of WTBS said: "Whilst we have announced new ownership, it is very much business as usual for our team and our customers. It is important for us to carry through the plans we have in place and to set our sights on a sustainable long term future. The Manfield team will help us realise these ambitions and consolidate our position as the UK's leading specialist drinks wholesaler."

WTBS subsidiary United Wine Merchants, operating in Northern Ireland, is not included in the sale and will remain part of Heineken UK.

 

Leeds Financial Leeds Solicitors at www.Legalandfinancial100.co.uk


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