LUCAS BOLS COMPANY acquired by NOLET GROUP
Context
Nolet Distillery launched a recommended public offer to acquire all issued and outstanding ordinary shares of Lucas Bols Company, marking a significant consolidation within the Dutch spirits industry. This public-to-private transaction was motivated by a shared strategic vision to create a "Dutch champion" in the global cocktails and spirits market. The acquisition allows Lucas Bols to preserve over 450 years of craftsmanship and heritage under the stewardship of a long-term, family-owned strategic ally. By delisting from the public market, Lucas Bols can pivot its growth strategy toward long-term brand fortification and innovation, insulated from the volatility of short-term financial market demands. The deal ensures operational continuity, with Lucas Bols retaining its identity, name, and Amsterdam-based headquarters under its existing leadership team. This merger of two historic distillers—combining Nolet’s global vodka and gin strength with Lucas Bols’ versatile cocktail portfolio—provides a robust foundation for expedited international growth and protects the traditional craftsmanship of the Dutch distilling sector for future generations.
Previously, the company had pursued a consolidation strategy by acquiring Tequila Partida (2021) and FluèRe (2023).
LUCAS BOLS COMPANY, which reported an EBITDA margin of in 2023, is valued in this transaction at an EV/EBITDA multiple of , representing a to the average currently observed in the AgriFood sector (10.5x).
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Target
Established in 1575 in Amsterdam, Lucas Bols Company is one of the world's oldest active Dutch companies and a global leader in the cocktail and spirits market. The company’s extensive portfolio includes renowned brands such as Bols (marketed as "The World's First Cocktail Brand"), Passoã, Galliano, and Tequila Partida. Its business model focuses on the artisanal craftsmanship of liqueurs, genever, gin, and vodka, aiming to create high-quality cocktail experiences worldwide. Lucas Bols maintains deep ties to Amsterdam's heritage and professional mixology culture, operating through a global distribution network that serves bars, restaurants, and retail consumers. The company’s strategy emphasizes brand innovation and maintaining a versatile range of spirits that cater to evolving consumer tastes in the global "home-cocktail" and professional bartending segments.
Ent. Value
Equity Value
Multiples
EV / Revenue
EV / EBITDA
EV / EBIT
Historical Financials (EUR)
Other operations with LUCAS BOLS COMPANY
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 02/2023 | LUCAS BOLS COMPANY | FLUÈRE | NETHERLANDS | Wines & Spirits |
| 12/2021 | LUCAS BOLS COMPANY | TEQUILA PARTIDA | UNITED STATES | Wines & Spirits |
REFERENCES
Valuation range: EV 300M - 700M EUR
Revenue range: 100M - 200M EUR
EBITDA range: 10M - 30M EUR
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Target: lucas bols company