Coca-Cola FEMSA has announced that its Brazilian subsidiary, Spal Industria Brasileira de Bebidas, has reached an agreement to acquire Coca-Cola bottler CVI Refrigerantes for R$632.5 million (approx. $110.9 million).
CVI operated one bottling factory and three distribution centres in Rio Grande do Sul, Brazil, which serves more than 2.8 million consumers.
Its footprint borders Coca-Cola FEMSA’s operations in southern Brazil and Uraguay, “bolstering Coca-Cola FEMSA’s leadership position in the region and allowing Coca-Cola FEMSA’s volume to reach 52% of the Coca-Cola System’s volume in Brazil”.
John Santa Maria, Coca-Cola FEMSA’s CEO said: “We are delighted to announce that we have reached an agreement to acquire CVI. This transaction not only complements our footprint in the south of Brazil, it represents an additional step in our strategy to continue exploring profitable inorganic growth opportunities with the ultimate goal of generating value to our shareholders and a positive impact in the communities where we operate.”
The transaction is subject to customary closing conditions and approval/clearance of the respective authorities.