Molson Coors Brewing today announced that it has completed its previously announced acquisition of StarBev for approximately $3.54 billion.
Based in Amsterdam and Prague, StarBev operates nine breweries in Central and Eastern Europe.
StarBev will be renamed Molson Coors Central Europe and Mark Hunter, chief executive of Molson Coors UK & Ireland will serve as chief executive of the new unit.
StarBev generated 2011 sales of about $1 billion and earnings before interest, taxes, depreciation and amortization of $322 million, Molson Coors said.
In its announcement today, Molson Coors said Molson Coors Central Europe employs approximately 4,100 people, operates the nine breweries and sells its “leading brands” in the Czech Republic, Serbia, Croatia, Romania, Bulgaria, Hungary, Montenegro, Bosnia-Herzegovina and Slovakia .
The company said acquisition includes Staropramen, the business unit’s flagship brand with sales in more than 30 countries worldwide.
“We are excited to complete this acquisition, which significantly enhances our growth profile and builds upon our portfolio of premium brands,” said Peter Swinburn, president and chief executive of Molson Coors. “Since the initial announcement, we have spent considerable time in-market and engaging local teams.”
Hunter said he was “delighted” to take the helm of Molson Coors Central Europe. He said he would be inheriting a strong operation with great brands.
Prior to his appointment as chief executive of the UK & Ireland business in 2007, Hunter served as the chief commercial officer for Molson Coors Canada.
At the time of the original announcement of the proposed acquisition, senior equity analyst Brian Yarbrough of Edward Jones said Molson Coors made a good acquisition, with the only drawback being a potential recession in Europe.
Howard Pankratz: 303-954-1939 or hpankratz@denverpost.com on twitter @HowardPankratz
