BERENTZEN acquired by SAZERAC

Sazerac agreed to acquire Berentzen-Gruppe through a voluntary public cash takeover offer for all its shares, under a business combination agreement signed on 21 September 2026. The American distiller offered 5.55 euros per share, a premium of about 68% to the volume-weighted average price over the three months preceding 16 September, implying an enterprise value of €50–150M and an EV/EBITDA multiple of below 5x. Berentzen generated revenue of €100–200M and an EBITDA of €5–25M. Both companies had been facing falling demand for their products, and Sazerac set out to build a European spirits platform by using Berentzen’s bottling capacity to produce its own brands and private label ranges for Europe and beyond, giving it more flexibility and shorter lead times than exporting from the United States. It intended to keep the German group’s sites in operation and to develop them. The offer was conditional on acceptance by holders of at least 50% plus one share, and Sazerac intended to delist Berentzen from the Frankfurt Stock Exchange afterwards. The executive and supervisory boards of Berentzen supported the transaction. Nomura advised Sazerac on the M&A side, with LARK as legal counsel, while Osborne Clarke advised Berentzen.