Nolet Group to buy Lucas Bols for €270m

The company behind Ketel One Vodka, Nolet Group, has agreed to acquire Dutch drinks firm Lucas Bols for €269.5 million (US$283.7m).

The companies, which are both based in the Netherlands, said the deal to buy all of Lucas Bols’ shares would bring ‘two leading global spirits and cocktails companies with a rich heritage under one Dutch flag’.

As part of Schiedam-based Nolet Group, Lucas Bols would benefit from a ‘well-funded strategic partner’, enabling the group to ‘accelerate’ its growth strategy.

Nolet is behind the creation of Ketel One Vodka, Ketel One Jenever and Nolet’s Gin, while Lucas Bols owns a number of liqueur brands, including Bols, Passoã and Galliano, as well as Tequila Partida.

Following the merger agreement, The Lucas Bols Company will retain its identity, name and brands. All of Lucas Bols’ operations will remain in Amsterdam.

It will be run under a separate company within the Nolet Group and continue to be managed by current Lucas Bols CEO Huub van Doorne and chief financial officer Frank Cocx.

Nolet has been a shareholder of Lucas Bols since 2015, following its entry into the Amsterdam stock exchange. The group holds a 29.9% share in Lucas Bols.

Founded in 1575, Lucas Bols has changed hands over the decades, including the sale of the Bols brand to French firm Rémy Cointreau in 2000. After a management buyout in 2006, led by Rémy board member van Doorne, Lucas Bols returned to its roots in Amsterdam.

“Since 2006, when we brought back Lucas Bols to Amsterdam, we have been on a journey to grow the company and its brands in the international cocktail markets,” said van Doorne.

“Nolet as a partner is the right next step to continue this journey and accelerate long-term growth. Together we create a Dutch champion in the global spirits and cocktail market with a strong portfolio of brands, the right focus and strengthened brand investments.

“The Lucas Bols team and passionate, entrepreneurial culture have been pivotal in our success over the past 17 years and can flourish within the new partnership.”

Van Doorne believes the “strong family values and centuries of Dutch heritage of Nolet are a great fit” for Lucas Bols.

Established in 1691 by Joannes Nolet, Nolet Group is one of the oldest family-led companies in the Netherlands. Today it is run by 10th, 11th and 12th-generation family members.

Carel Nolet, chair of Nolet Group, added: “As a family, we are extremely pleased to bring two of the most successful Dutch distilleries together. By combining forces, we are jointly continuing our rich history and thereby preserving valuable heritage under one Dutch flag for the long term.

“Nolet and Lucas Bols complement each other well in terms of markets, brands, innovation and marketing.”

He called the merger with Lucas Bols a “valuable expansion with a strong portfolio of well-known brands”.

“We have the focus, the resources and the stamina to further accelerate growth for The Lucas Bols Company and provide for a new strong home base for the long term,” Carel Nolet continued.

Growth strategy

Together, the two companies will ‘accelerate’ Lucas Bols’ strategy, which includes developing its ‘leading position in global cocktail markets’ through new concepts, products and acquisitions.

Furthermore, the group will invest in driving brand awareness of Lucas Bols’ cocktail brands and their routes to market.

The company is also aiming to boost the growth of Lucas Bols’ local brands and turn them into international cocktail brands, as well as developing and expanding its no-and-low cocktail offering.

Nolet Group and Lucas Bols intend to terminate the latter’s listing on Euronext Amsterdam once the deal is completed.

Earlier this year, Lucas Bols acquired alcohol-free ‘spirits’ producer Fluère for approximately €1m (US$1.05m), and sparkling liqueur brand Nuvo for US$5.7m.

Diageo agreed a US$900m joint venture deal with Nolet to distribute and market Ketel One Vodka in 2008.