Phoenix Beverages Group, a leading fast-moving consumer goods (FMCG) firm headed by Mauritian tycoon Arnaud Lagesse, has received regulatory approval to acquire a 28.15-percent stake in Africa Originals Limited, the owner of Kenya-based Savannah Brands Company.
The Competition Authority of Kenya (CAK) confirmed the clearance on Wednesday, refraining from disclosing the financial details of the transaction. The regulatory body expressed confidence that this acquisition would not negatively impact competition in the market for manufacturing, processing, distributing, and selling alcoholic ciders, alcoholic spirits, and non-alcoholic ready-to-drink beverages.
Phoenix Beverages Group expands portfolio with indirect investment in Kenyan Originals maker
Founded in 1931, Phoenix Beverages Group has evolved into a prominent FMCG entity in Mauritius with aspirations to be the regional market leader. Presently offering a diverse range of alcoholic and non-alcoholic products, the group is renowned for its beers, wines and spirits, carbonated soft drinks, table water, juice, and other beverages. Additionally, Phoenix Beverages Group serves as the authorized bottler for The Coca-Cola Company and Diageo products in Mauritius.
With the recent approval, Phoenix Beverages Group is poised to possess an indirect stake in Savannah Brands Company, a Kenyan firm distinguished for its manufacturing, processing, distribution, and sale of alcoholic and non-alcoholic beverages, including popular products like Kenyan Originals (KO) Alcoholic Fruit Cider, Kenyan Originals Gin, and Kenyan Originals Iced Tea and Tonic.
Mauritian mogul Arnaud Lagesse steers Phoenix Beverages Group to 17.7-percent revenue surge in 2023
Under the leadership of the Mauritian tycoon Arnaud Lagesse, Phoenix Beverages Group has experienced noteworthy financial growth. In 2023, the group’s revenue surged by 17.7 percent to MUR 10.6 billion ($231.7 million), compared to MUR 9 billion ($196.7 million) in the previous year. The group’s profit before tax also exhibited a robust recovery, escalating by 55 percent to MUR 849.9 million ($18.57 million) from MUR 548 million ($11.97 million) in 2022.
Phoenix Beverages Group strengthens its position in the Kenyan market with this recent acquisition, mirroring the strategic investments of IBL Group. IBL Group has strategically invested in diverse Kenyan companies such as Naivas International, Harley’s, and stakes in Equator Energy Limited, a Kenyan solar power company.
