Buyout among the beer barrels

Take note – story published 3 years and 2 months ago

One of Latvia's best-known brands of beer is being bought by a Finnish brewing group that already has another popular Latvian beer in its portfolio.

The 'Piebalgas' beer brand will join 'Cēsu' beer as one of the holdings of Finland's Olvi group. It will continue to operate as a separate brewery under Cēsu beer's direction, according to Jānis Dūklavs, the founder of SIA “Piebalgas Alus”, who also happens to be a longtime Saeima deputy and former Agriculture Minister.

"I am convinced that the experience of Cēsu beer and Olvi Group's beverage production and wide market reach will ensure even better accessibility for the existing fans of Piebalgas beer, as well as help to make new friends and customers," said Dūklavs of the sale. The value of the deal was not disclosed.

Eva Sietiņsone, Chairwoman of the Board of JSC “Cēsu alus” said in a news reelase: “We greatly appreciate the unique experience of Piebalgas beer in brewing and we will definitely keep it in the future as well. It will be a new opportunity for us, as a company, to provide an even more diverse beer offer in the future.”

A report has been submitted to the Competition Council, which will have to give approval before the deal can be finalized.

Finnish Parent company Olvi Group holds 100 percent of the Estonian brewery AS A. Le Coq, 99.88 percent of the Latvian brewery A/S Cēsu Alus, 99.66 percent of the Lithuanian brewery Volfas Engelman, as well as 96.36 percent of the Belarusian brewery Lidskoe Pivo. 

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