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Seale & AssociatesCreative Solutions. Trusted Advice.
ALCOHOLIC DRINKS IN MEXICO
2018INDUSTRY REPORT
AUGUST
ALCOHOLIC DRINKS INDUSTRY IN MEXICO:
The alcoholic beverages industry consists on the production and distribution of beverages
containing a concentration of ethanol in its composition equal to or greater than 1% of its
volume
▪ There are two types of alcoholic beverages: fermented (wine, beer, cider, etc.) which come from
fruits or cereals, and distilled (brandy, tequila, vodka, etc.) and these are obtained by removing
a part of the water contained in fermented beverages through the application of heat
In 2017, the value of the industry in Mexico increased to MX$612,763 million of sales, an
increase of 13% compared to 2016; and to 8,291 million liters, a growth of 5% over 2016
▪ Beer is the most popular drink, representing 93.6% of the total volume consumed and 66.5% of
total sales in 2017
▪ In sales volume, the industry presented a Compound Annual Growth Rate (CAGR) (2012-
2017) of 4.3% and a total growth between 2012 and 2017 of 23.3%
▪ In terms of sales value, the industry had a CAGR (2012-2017) of 9.6% and a total growth
between 2012 and 2017 of 58.4%
▪ By category, the wine presented the highest growth in both volume and sales, presenting a
CAGR (2012-2017) of 8.2% and 13.2% respectively
Sources: Euromonitor, BMI Research Seale & AssociatesCreative Solutions. Trusted Advice.
Alcoholic Drinks Mexico 2018
% of Consumption in Sales Value per Drink
25.8%66.5% 6.1%
SPIRITSBEER WINE
*Others: RTD / Premixes (1.55%) y Cider / Perry (0.05%)
1.6%
OTHERS*
$407.3
$158.0
$37.5
$9.5
$0.2
Beer
Spirits
Wine
RTD / Premixes
Cider
Sources: Euromonitor, BMI Research Seale & AssociatesCreative Solutions. Trusted Advice.
7,758.4
Sales Value by Category
MX$ BillionTotal Revenue US$612.8 Billion107.3
149.8
3.6
271.5
VALUE OF SALES AND VOLUME BY CATEGORY IN MEXICO
Sales by Volume byCategory
Million of litersTotal liters: 8,290.7 million
Alcoholic Drinks Mexico 2018
By 2022, it is estimated that the industry in Mexico will reach a volume of 9,419 million
liters and MX$764,927 million in sales
▪ A CAGR (2017-2022) of 2.6% in volume and 4.5% in sales is expected
▪ The wine will maintain the highest growth with a CAGR (2017-2022) of 7.6% in volume, while
beer and spirits will have a CAGR (2017-2022) of 2.5% and 3.0% respectively
Seale & AssociatesCreative Solutions. Trusted Advice.Sources: Euromonitor, BMI Research
$612.8$646.5
$677.0$706.6
$735.9$765.0
2017 2018 2019 2020 2021 2022
Forecast
Historical
Industry Sales
MX$ Billions
Market Share 2017
By Volume
Alcoholic Drinks Mexico 2018
53.6%
37.8%
0.9%
0.8%
0.5%
0.4%
0.4%
5.6%
Grupo Modelo
Heineken México
Brown-Forman Corp
Pernod Ricard
Molson Coors
Diageo
Grupo Cuervo
Others
Seale & AssociatesCreative Solutions. Trusted Advice.
Sources: Euromonitor, BMI Research
SALES BY CATEGORY: OFF-TRADE VS ON-TRADE
On-Trade Off-trade
Sales in Value by DistributionChannel 2017
The alcoholic beverage industry places its products through two types of distribution channels: On-
trade, where the distribution is through channels related to its direct consumption such as bars,
restaurants, hotels, etc., and Off-trade, which is through supermarkets, convenience stores,
wholesalers, etc.
On-Trade Off-trade
Sales in Volume by DistributionChannel 2017
Tatal value sales MX$ billionBeer $407.3Spirits $158.0Wine $37.5RTD / Premixes $9.5Cider $0.2
Total volumen sales in litersBeer 7,758.4Spirits 271.5Wine 107.3RTD / Premixes 149.8Cider 3.6
Alcoholic Drinks Mexico 2018
78%
92.10%
94.40%
73.80%
65.60%
22%
7.90%
5.60%
26.20%
34.40%
Beer
Cider
RTD / Premixes
Spirits
Wine
52.40%
77.60%
78.30%
29.90%
36.30%
47.60%
22.40%
21.70%
70.10%
63.70%
Beer
Cider
RTD / Premixes
Spirits
Wine
99.8%
0.2% 0.2%
1.6%
1.7%
96.6%
26.9%
8.5%
7.3%
43.0%
10.9%
22.8%
20.2%
3.3%
Store-Based
Convenience Stores
Non-Store Retailing Internet Retailing
Discounters
Supermarkets
Warehouse Clubs
Small Grocers
Department Stores
Hypermarkets
Specialists
Grocery
Retailers
Mixed
Retailers
Independent Grocers
Seale & AssociatesCreative Solutions. Trusted Advice.
Sources: Euromonitor, BMI Research
OFF-TRADE DISTRIBUTION
Alcoholic Drinks Mexico 2018
$640.0
$548.0
May-18 May-18
$1,850.8
$1,553.5
May-18 May-18
Accumulated Export of Beer toMay
US$ Million
Seale & AssociatesCreative Solutions. Trusted Advice.
Sources: Banxico, Cerveceros de México, Consejo
Regulador del Tequila
EXPORTS
Accumulated Export of Tequila / Mezcal to May
US$ Million
In 2017, the export of tequila and mezcal reached US$1,388.9 million, equivalent to 211 million
liters, representing an annual growth of 7.1% in volume; while the beer industry in Mexico exported
US$3,768.0 million, corresponding to 3,300 million liters and a growth in volume of 2.8% compared
to 2016; 30% of the national production of beer is for export.
Of the total exports of beer in the world, Mexico had a market share of 21.3% during 2016, being
the main exporter of beer in the world since 2010, followed by the Netherlands (14.4%) and Belgium
(11.0%)
79.9%
3.0%
2.7%
2.3%
1.8%
1.2%
9.1%
Destination of Beer Exports2016
% With Rescpect to Total Exports by Volume
China
Canada
Chile
UK
Australia
United States
Rest of the World
Alcoholic Drinks Mexico 2018
Seale & AssociatesCreative Solutions. Trusted Advice.Sources: Cerveceros de México, INEGI, Euromonitor
The beer sector is the most important within the agroindustrial activity in Mexico. Beer exports
represents 23.0% of the agroindustrial exports of the country, with a value of US$3,768 million in
2017. In the same year, the beer industry in Mexico produced 11,000 million liters, making Mexico
the fourth beer producer worldwide.
2017 production reached 30,900
bottles
Main beer producers:
Zacatecas, Coahuila,
Nuevo León, CDMX
CAGR (2017-2022) of
2.5% in volume and 4% in
sales value is expected
Mexico is the sixth beer
consumer in the world,
with a per capita
consumption of 60-65
liters per year
Mexico is the leading exporter of
beer in the world
The trade balance of
the beer sector
achieved a surplus of
US$3,580 million
TOP 3 COMPANIES:* TOP 3 BRANDS:*
Corona Extra 24.1%
Tecate Light 16.8%
Victoria 15.8%
57.3%
40.4%
0.6%
BEER
*By volume market share
Alcoholic Drinks Mexico 2018
CRAFT BEER IN MEXICO
The craft beer is made following a "recipe" of its own, by brewers who give it a distinct and personal
flavor. Its production is limited, offering flavors and textures different from the industrial brands.
Currently, these breweries represent 0.1% of the total volume market in the country, with 635 formal
producers.
Seale & AssociatesCreative Solutions. Trusted Advice.
Sources: Cerveceros de México, Deloitte, Cervexxa
Artesanal Mexicana
MAIN PRODUCER STATES BY VOLUME:
#1 Jalisco - 34% #3 Baja California - 8%#2 Nuevo Leon - 15%
Year 2012 2013 2014 2015 2016 2017
% Growth 43% 68% 77% 43% 62% 59%
Sales in million
liters1.05 1.52 2.55 4.52 6.46 10.44
Alcoholic Drinks Mexico 2018
• 2.1% Volume
• 3.9% Sales
• 10.6% Volume
• 15.8% Sales
• 3.3% Volume
• 9.8% Sales
Seale & AssociatesCreative Solutions. Trusted Advice.Source: Euromonitor
• 109,311 million liters
• MX$56,545 million
• 25,649 million liters
• MX$11,352 million
• 48,924 million liters
• MX$61,724 million
• 26,637 million liters
• MX$10,148 million
• 2.2% Volume
• 5.7% Sales
• -1.1% Volume
• 2.7% Sales
• 5.0% Volume
• 5.8% Sales
• 2.3% Volume
• 3.3% Sales
• 1.3% Volume
• 2.4% Sales
SALES 2017 HISTORICAL CAGR 2012-2017
FORECAST CAGR 2017-2022
Tequila & Mezcal
Whisky
Rum
Brandy & Cognac
SPIRITS
The spirits presented a growth in volume of 3.0% in 2017, reaching the amount of 272 million liters.
For 2022, it is expected to reach a production of 315 million liters. The average price of the spirits is
MX$236 per liter. Spirits have a volume distribution of 74.0% On-trade, and sales value of 70.0% Off-
trade. The main categories are the following:
Alcoholic Drinks Mexico 2018
Seale & AssociatesCreative Solutions. Trusted Advice.Source: Euromonitor
TOP 3 COMPANIES:* TOP 3 BRANDS:*
Rancho Escondido 8.2%
Torres 3.7%
Cabrito 3.5%
12.2%
11.5%
8.2%
SPIRITS
*By volume market share
Alcoholic Drinks Mexico 2018
The mezcal can come from more than 12 different agave species, although the most commonly
used species is the agave angustifolia (agave espadín) and can also be mixed with different agaves,
while the tequila only comes from the tequilina agave (blue agave).
Seale & AssociatesCreative Solutions. Trusted Advice.
Sources: Huffington Post, Consejo Regulador del
Mezcal, El Financiero
By 2017, there are more
than 560 mezcal brands
More than 80% of the
production comes from
the state of Oaxaca
Mezcal has an appellation of origin in 500,000 km2
distributed in 9 states: Guanajuato, Durango, San
Luis Potosi, Zacatecas, Oaxaca, Tamaulipas,
Michoacan, Guerrero and Puebla
MAIN DISTRIBUTORS: REPRESENTATIVE BRANDS:
In 2017, nearly 4 million
liters were produced, a
growth of 32%
compared to 2016
During 2017, 2.8 million
liters were exported to
52 countries
MEZCAL
Alcoholic Drinks Mexico 2018
Seale & AssociatesCreative Solutions. Trusted Advice.
Sources: Euromonitor
The wines had a growth of 8% in volume during 2017, with 107 million liters. By 2022 a CAGR (2017-
2022) of 8% is expected, reaching 155 million liters. The per capita consumption in Mexico is 0.6
liters. The average price is MX$194 per liter. It is classified in still wines (white, red and rosé), in
fortified wines and in sparkling wines.* By volume they have a 65% Off-trade distribution, and by
sales value a 64% On-trade.
• 83.2 million liters
• MX$27,393 million
• 80% of the total sales
correspond to red
wine
Still WinesSALES 2017 HISTORICAL CAGR
2012-2017FORECAST CAGR
2017-2022
• 9.3% Volume
• 14% Sales
• 8.1% Volume
• 9.6% Sales
Fortified Wines
• 10.3 million liters
• MX$3,382 million
• -0.1% Volume
• 4.6% Sales
• 0.1% Volume
• 0.9% Sales
Sparkling Wines
• 13.8 million liters
• MX$6,767 million
• 9.9% Volume
• 14% Sales
• 15.6% Volume
• 10.2% Sales
TOP COMPANIES BY CLASSIFICATION:* TOP BRANDS BY CLASSIFICATION:*
L.A. Cetto 9%
Tres Coronas 89.6%
Moët & Chandon 66.5%
15.9%
89.6%
92.6%
WINE
*Classification by vinification methods
Alcoholic Drinks Mexico 2018
Seale & AssociatesCreative Solutions. Trusted Advice.Sources: El Universal, Tips para tu viaje, UNAM
The Guadalupe Valley, located between the municipalities of Tecate and Ensenada in the north of
the state of Baja California, is the main wine-growing area of the country, with about 90% of the
national wine production. Its area comprises 10.000 hectares of cultivation, with an approximate of
72 wineries in its different valleys.
The varieties of white grapes grown in this area are Riesling, Chardonnay, Chenin Blanc, Moscatel,
Gewurztraminer, Sauvignon Blanc, Colombard and Palomino; among the red grapes are Cabernet
Sauvignon, Anglianico, Cabernet Franc, Grenache, Barbera, Nebbiolo, Merlot, Pinoit Noir, Zinfandel,
Tempranillo, Semillón and Syrah.
SOME VINEYARDS IN THE GUADALUPE VALLEY
VALLE DE GUADALUPE
Alcoholic Drinks Mexico 2018
Seale & AssociatesCreative Solutions. Trusted Advice.
Sources: Estadística Aplicada, Deloitte, Euromonitor, El Universal
*Survey applied by Deloitte
• Most consumed alcoholic drinks by region:
▪ Northwest: Beer
▪ Northeast: Beer and whisky
▪ Central Mexico: Brandy, tequila and rum
▪ West: Tequila and mezcal
▪ South and souteast: Beer and vodka
• Whiskey will maintain the highest growth among alcoholic beverages, both in volume and in
sales value
• A greater consumption "at home" has replicated consumption in public spaces (bars, clubs, etc.)
• There is an increase in sales in the category of premium drinks thanks to the culture of mixology
• Wine consumption has increased in the last five years and growth is expected to continue due to
greater curiosity on the part of consumers and the introduction of wines with more affordable
prices
• International distilleries increasingly show an interest in mezcal, making acquisitions in recent
years because of the increased popularity of this beverage
• Craft beer is the second favorite alcoholic beverage among Mexicans (14.0% of preferences),
after industrial beer (53.0%)*
DATA AND TRENDS OF THE ALCOHOLIC DRINKS INDUSTRY IN MEXICO
Alcoholic Drinks Mexico 2018
CURRENT MARKET SITUATIONCOMPARABLE PUBLIC COMPANIES
Seale & AssociatesCreative Solutions. Trusted Advice.
Sources: Capital IQ, MergermarketAlcoholic Drinks Mexico 2018
Price
8/3/18 2015 2016 2017EV /
EBITDA
EV /
Revenue
Anheuser-Busch InBev SA/NV BEL $100.64 $56,427 38.4% $196,925 $313,162 13.9x 15.6x 18.3x 14.3x 5.6x
Kweichow Moutai Co., Ltd. CHN $99.43 $10,186 64.6% $124,904 $113,108 10.2x 13.0x 19.7x 17.7x 11.5x
Diageo plc GBR $36.75 $16,049 33.9% $90,211 $104,264 16.7x 17.5x 17.7x 17.9x 6.6x
Ambev S.A. BRA $5.21 $12,858 41.5% $81,825 $80,585 15.2x 13.3x 16.0x 14.5x 6.0x
Heineken Holding N.V. NED $98.54 $26,045 20.4% $28,382 $52,951 8.5x 8.9x 9.1x 9.6x 2.0x
Pernod Ricard SA FRA $163.09 $10,485 28.0% $43,060 $51,843 16.3x 14.4x 15.5x 17.1x 4.9x
Constellation Brands, Inc. USA $214.01 $7,704 36.2% $40,834 $50,740 16.9x 18.0x 17.6x 13.9x 6.6x
Wuliangye Yibin Co.,Ltd. CHN $9.62 $5,437 43.2% $37,328 $31,286 9.6x 10.5x 16.4x 14.4x 6.3x
Asahi Group Holdings, Ltd. JPN $45.78 $19,420 14.8% $20,972 $30,410 10.3x 9.3x 13.5x 10.4x 1.6x
Jiangsu Yanghe Brewery Joint-
Stock Co., Ltd.CHN $17.23 $3,464 44.3% $25,959 $25,424 13.3x 13.2x 15.9x 17.7x 7.9x
Kirin Holdings Company, Limited JPN $25.08 $16,422 14.3% $22,317 $27,128 9.3x 9.7x 11.7x 10.4x 1.7x
Brown-Forman Corporation USA $53.99 $3,291 34.1% $26,025 $28,342 20.4x 18.9x 20.3x 25.4x 8.7x
Molson Coors Brewing Company USA $69.20 $10,880 22.4% $14,935 $25,229 13.1x 18.8x 17.5x 10.3x 2.3x
Carlsberg A/S DEN $120.82 $9,645 20.9% $18,389 $22,019 9.8x 9.9x 10.0x 10.6x 2.3x
Thai Beverage Public Company
LimitedTHA $0.57 $6,750 15.2% $14,354 $21,278 15.7x 17.4x 15.7x 15.4x 3.3x
China Resources Beer (Holdings)
Company LimitedHKG $4.47 $4,762 12.6% $14,507 $14,687 17.1x 10.4x 17.2x NR 3.2x
Luzhou Laojiao Co.,Ltd CHN $7.13 $1,767 34.5% $10,442 $9,193 24.6x 22.9x 25.0x 16.4x 5.7x
Davide Campari-Milano S.p.A. ITA $8.43 $2,074 28.2% $9,703 $10,813 14.3x 16.1x 20.0x 18.6x 5.2x
Treasury Wine Estates Limited AUS $13.98 $1,846 24.4% $9,976 $10,347 16.2x 23.2x 19.4x NR 5.6x
Shanxi Xinghuacun Fen Wine
Factory Co.,Ltd.CHN $7.71 $1,157 25.2% $6,679 $6,506 35.9x 21.1x 24.6x NR 6.3x
Union de Cervecerias Peruanas
Backus y Johnston SAAPER $6.58 $1,595 48.1% $8,439 $8,327 10.1x 10.6x 16.0x 10.8x 5.2x
Molson Coors Canada Inc. CAN $73.81 $2,585 16.2% $1,297 $7,537 18.5x 21.6x 109.8x 12.5x 2.9x
Rémy Cointreau SA FRA $139.19 $1,388 22.9% $6,960 $7,290 23.0x 21.2x 23.9x NR 5.6x
United Spirits Limited IND $8.97 $1,320 14.0% $6,143 $6,514 142.1x 37.6x 39.5x NR 5.2x
Tsingtao Brewery Company
LimitedCHN $5.22 $3,983 9.7% $7,418 $5,487 15.1x 12.7x 13.2x 14.6x 1.3x
Anhui Gujing Distillery Co., Ltd. CHN $6.56 $1,221 25.6% $5,385 $5,168 16.9x 16.4x 18.8x 17.4x 4.4x
Anadolu Efes Biracilik ve Malt
Sanayii Anonim SirketiTUR $4.09 $3,261 16.4% $2,421 $5,054 12.6x 11.7x 12.2x 11.9x 1.9x
Saigon Beer - Alcohol - Beverage
CorporationVIE $8.58 $1,548 15.5% $5,500 $5,111 0.0x 24.0x 27.7x 19.4x 3.5x
NR: Not Relevant Mean 14.8x 4.8x
Median 14.5x 5.2x
Annual Average EV /
EBITDA8/3/18
Company CountryRevenue
US$M
EBITDA
Margin
Mkt. Cap.
US$M
Enterprise
Value
GLOBAL TRANSACTIONS
Seale & AssociatesCreative Solutions. Trusted Advice.
Sources: Capital IQ, MergermarketAlcoholic Drinks Mexico 2018
Jun-18 Sichuan Swellfun Co.,Ltd CHN Alcoholic drinks producer Diageo plc $940 NR 12.3x
Apr-18 Accolade Wines Australia Limited AUS Wine producer The Carlyle Group L.P. $768 - -
Feb-18Shanxi Xinghuacun Fen Wine Factory
Co.,Ltd.CHN Wine producer CRE Yang Company Limited $819 29.1x 7.2x
Dec-17 Tsingtao Brewery Company Limited CHN Brewery Tsingtao Brewery Group, entre otros $1,081 7.1x 0.8x
Dec-17Saigon Beer - Alcohol - Beverage
CorporationVIE Alcoholic drinks producer Vietnam Beverage Company Limited $4,939 NR 6.6x
Dec-17 Cervecería Nacional Dominicana, S.A. DOM Brewery Ambev S.A. $927 - -
Nov-17 Stock in San Miguel Brewery PHI Brewery San Miguel Pure Foods Company $2,555 - -
Oct-17 4 Subsidiaries of China Food Ltd IVB Spirits and wine China Foods (Holdings) Limited $649 - 1.9x
Oct-17 Myanmar Distillery MYA DistilleryInternational Beverage Holdings
(Singapore) Pte. Limited$742 - -
Jun-17 Casamigos Spirits Co. USA Tequila producer Diageo North America Inc. $1,000 - -
Feb-17 Brasil Kirin Holding S.A. BRA Alcoholic drinks producer Bavaria S.A. $707 - -
Dec-16 Beer business in Europe CZE Brewery Domino's Pizza Group plc $7,774 - -
Oct-16 Grupo Modelo, Obregon operatoin MEX Brewery Constellation Brands, Inc. $600 - -
Oct-16Constellation Brands Canada, Inc.
(nka:Arterra Wines Canada, Inc.)CAN Wine producer Ontario Teachers' Pension Plan Board $783 - -
Apr-16 SABMiller plc, Europa GBR Brewery Asahi Group Holdings, Ltd. $2,901 - -
Mar-16China Resources Snow Breweries
LimitedCHN Brewery
China Resources Beer (Holdings)
Company Limited$1,600 - 0.7x
Jan-16 Brown-Forman Corporation USA Two liquor brands Sazerac Company, Inc. $543 - -
Nov-15 Home Brew Mart, Inc. USA Alcoholic drinks producer Constellation Brands, Inc. $1,021 NR NR
Nov-15 MillerCoors LLC USA Brewery Molson Coors Brewing Company $12,019 12.4x 2.7x
Oct-15 Wine operation in the US and UK USA Wine operatoin Treasury Wine Estates Limited $600 7.9x -
Sep-15SABMiller plc (nka:ABI SAB Group
Holding Limited)GBR Alcoholic drinks producer Anheuser-Busch InBev SA/NV $113,451 18.5x 7.5x
Jul-15 Myanmar Brewery Ltd. MYA Brewery Kirin Holdings Singapore Pte, Ltd. $554 13.7x 4.9x
NR: Not Relevant Mean 14.8x 4.9x
Median 13.1x 4.9x
BuyerSize
US$M
EV /
EBITDA
EV /
RevenueDate Target Country Description
GLOBAL REPRESENTATIVE TRANSACTIONS
Summary Target Buyer
On September 17, 2015, Anheuser-Busch
InBev, a Belgian alcoholic beverage company,
announced the acquisition of SABMiller PLC, a
British brewer, for US$113,451 million,
representing implied multiples of 18.5x EBITDA
and 7.5x sales
On November 11, 2015, Molson Coors
Brewing Company, a US brewery, announced
the acquisition of the remaining 58% stake of
MillerCoors LLC, a US beer company owned by
ABInBev / SABMiller, for US$12,019 million,
representing implied multiples of 12.4x EBITDA
and 2.7x sales
On December 13, 2016, Asahi Group Holdings,
Japanese alcoholic beverage company,
announced the acquisition of a beer
production business, located in the Czech
Republic belonging to ABInBev / SABMiller,
for US$7,774 million
On December 18, 2017, Vietnam Beverage
Company Ltd., a Vietnamese company,
announced the acquisition of Saigon
Corporation, a brewer in Vietnam, for US$4,939
million, representing implied multiples of 35.6x
EBITDA and 6.6x sales
On April 19, 2016, Asahi Group Holdings, a
Japanese alcoholic beverage company,
announced the acquisition of SABMiller plc,
Europe, an English brewer, for US$2,901 million
Seale & AssociatesCreative Solutions. Trusted Advice.
Sources: Capital IQ, Mergermarket
Brewery in Czech
Republic
belonging toABInBev /
SABMiller
Vietnam
Beverage
Company Ltd.
Europe
Alcoholic Drinks Mexico 2018
GLOBAL REPRESENTATIVE TRANSACTION #1
Anheuser-Busch InBev,
announced the acquisition of
SABMiller PLC, for
US$113,451 million
BUYER
The merger combines the two
biggest breweries in the world
With the transaction, the new
company achieved a 28% global
market share and US$55 billion in
revenue
The transaction represented
implied multiples of 18.5x
EBITDA and 7.5x sales
TARGET
Seale & AssociatesCreative Solutions. Trusted Advice.
Sources: Capital IQ, Forbes, BBC
ANHEUSER-BUSCH INBEV,ANNOUNCED THE ACQUISITION OF
SABMILLER PLC
It is the thrid biggest
transaction in the history,
and the biggest one in the
UK
Alcoholic Drinks Mexico 2018
BUYER
Miller Coors was founded in
2017 as a joint company
between SABMiller and Molson
Coors for their operations in the
US
Molson Coors became the # 2
brewer in the United States with a
27% market share
TARGET
Seale & AssociatesCreative Solutions. Trusted Advice.Sources: Capital IQ, Mergermarket, MolsonCoors
With the transaction, Molson
Coors also acquires the
portfolio of brands outside the
United States.
Molson Coors, announced the
acquisition of the remaining
58% of Miller Coors belonging
to ABInBev / SABMiller, for
US$12,019 million
The transaction represented
implied multiples of 12.4x
EBITDA and 2.7x sales
MOLSON COORS,ANNOUNCED THE ACQUISTION OF
MILLER COORS
Alcoholic Drinks Mexico 2018
GLOBAL REPRESENTATIVE TRANSACTION #2
MEXICAN REPRESENTATIVE TRANSACTIONS
Summary Target Buyer
On June 29, 2012, Anheuser-Busch InBev, a
Belgian alcoholic beverage company,
announced the acquisition of the remaining
49.7% stake of Grupo Modelo, a Mexican
brewer, for US$20,100 million, representing
implied multiples of 13.4x EBITDA and 4.2x sales
On January 11, 2010, Heineken Holding
N.V. and Heineken N.V., Dutch brewer,
announced the acquisition of Cuauhtémoc
Moctezuma Holding, Mexican brewing
company owned by FEMSA, for US$7,347
million
On February 14, 2013, Constellation Brands,
Inc., a US alcoholic beverage company,
announced the acquisition of Compañía
Cervecera de Coahuila belonging to Grupo
Modelo, a Mexican brewer, for US$2,900
million.
On November 3, 2014, Tequila Cuervo La
Rojeña, Mexican tequila producer, announced
the acquisition of The Old Bushmills Distillery
belonging to Diageo, distillery in Ireland of
whiskey, for US$704 million
On October 31, 2016, Constellation Brands,
Inc., a US alcoholic beverage company,
announced the acquisition of Cervecera in
Ciudad Obregón, Sonora belonging to Grupo
Modelo, for US$600 million.
Seale & AssociatesCreative Solutions. Trusted Advice.
Sources: Capital IQ, Mergermarket
Brewery in
Ciudad Obregón
Alcoholic Drinks Mexico 2018
BUYER
In 2012, both companies
produced 400 million
hectoliters of beer and sales of
US$47 million in 24 countries
with 150,000 employees
With the acquisition,
Anheuser-Busch Inbev
increased its portfolio to
more than 200 brands and 4
global brands
TARGET
Seale & AssociatesCreative Solutions. Trusted Advice.Sources: Capital IQ, Mergermarket, Expansión
Anheuser-Busch InBev paid
US$9.15 per share to Grupo
Modelo’s shareholders
Anheuser-Busch InBev,
announced the acquisition of
the remaining 49.7% stake in
Grupo Modelo, for
US$20,100 million
The transaction represented
implied multiples of 13.4x
EBITDA and 4.2x sales
ANHEUSER-BUSCH INBEV,ANNOUNCED THE ACQUISTION OF
GRUPO MODELO
Alcoholic Drinks Mexico 2018
MEXICAN REPRESENTATIVE TRANSACTION #1
BUYER
FEMSA sought to focus on its
divisions of Coca-Cola FEMSA
and OXXO
The transaction included the
sale of 83% stake of FEMSA
beer in Brazil to Heineken
TARGET
Seale & AssociatesCreative Solutions. Trusted Advice.Sources: Capital IQ, Mergermarket, Expansión
With the transaction, FEMSA
obtained a 20% stake in the
Heineken Group
Heineken Holding N.V. y
Heineken N.V., announced the
acquisition of Cuauhtémoc
Moctezuma Holding, S.A. de
C.V., property of FEMSA, for
US$7,347 million
Heineken assumed the debt of
FEMSA Beer division of
US$2,100 million
HEINEKEN N.V.,ANNOUNCED THE ACQUISITION OF
CUAUHTÉMOC MOCTEZUMA HOLDING, S.A. DE C.V.
Alcoholic Drinks Mexico 2018
MEXICAN REPRESENTATIVE TRANSACTION #2
REPRESENTATIVE MEXICO ENGAGEMENTS
Washington, D.C. | Mexico City | Monterrey
to
Holding company of
merged its
beverage division
with
has merged with
a business of
has partnered with
a subsidiary of
has sold
to
its sanitaryware business
and
a business unit of
has sold
Cosmocel Química
to
intelectiva®
has acquired
KFC Costa Rica
from
sold
to
sold
to
Grupo Galaz, S.A de C.V.
dealers of
has partnered with
workshop and store in
Mexico City from
Acquisition
Advisory
Services
Corporate
Finance
Advisory
Services
has formed a partnership in
the casting tools business
between
and
has acquired
has acquired
has been acquired by
has been acquired by
has acquired
has acquired
has acquired
has been acquired by
has been acquired by
merged its
beverage division
with
Acquisition
Advisory
Services
has carved out and sold
its concrete pumping
assets in Mexico
has formed a
partnership to market
and develop oil storage
and distribution in
Mexico with
Corporate
Finance
Advisory
Services
Corporate
Finance
Advisory
Services
acquired a 61% stake on
Acquisition
Advisory
Services
Corporate
Finance
Advisory
Services
Since 1999, Seale & Associates has been the trusted advisor
to highly respected public and private companies from around
the world, with a track record of success in a diverse range of
industries. Seale is an elite boutique global investment banking
firm with extensive experience in mergers and acquisitions
(M&A), corporate finance advisory, and enterprise level
strategy consulting. Our experienced team of professionals are
committed to serving clients with excellence and integrity,
while offering innovative ideas and solutions to address
complex dealings. All securities related transactions are cleared
through Seale Capital, Inc., a registered broker dealer and
member of FINRA and SIPC.
ADVISOR TO LEADING COMPANIES WORLDWIDE
CONTACT INFORMATION
950 N. Glebe RoadSuite 950Arlington, Virginia 22203Phone: +1 (703) 294 6770
37, Moliere GranadaMexico City, 11520Phone: +52 (55) 8000 7463
Please contact us if you would like further information about M&A trends and/or specific transaction multiples for your industry.
Washington, D.C. | Mexico City | Monterrey
Mexico ContactInformation
Established presence in
Monterrey , Mexico
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1999
Founded
2016 2017 2018
James A. Seale
President
Brett M. Carmel
Senior Managing Director
Felipe Bueno Viesca
Managing Director
Sergio Garcia del Bosque
Managing Director
Adan Sierra
Vice President
Carlos Hernandez
Vice President
Alejandro Montemayor
Associate
Sofia Felix
Business Development
Andres Cardenas
Analyst
Armando RiosAnalyst
Miguel LealJunior Analyst
Diego HernandezJunior Analyst
Seale & AssociatesCreative Solutions. Trusted Advice.