Baarsma Wine Group announces acquisition in UK
Enhancement of market position in Fine Wines segment Baarsma Wine Group Holding, one of the leading wine distribution companies in Europe, announces, subject to antitrust authority approval, to buy Armit. Armit, the leading contemporary fine wine company is based in London. Armit's management team will also participate in this new company. With this initiative, they support the ambition of Baarsma Wine Group, with regards to the United Kingdom. Armit is a leading fine wine merchant, celebrating 20 years of operation in London, the hub of the international market for fine wines. With turnover approaching £24m, Armit operates three principal lines of business: private clients, restaurant and hotels in the UK and international trade buyers. With this acquisition, Baarsma Wine Group takes her first step in the United Kingdom and has the intention to acquire more companies on the English grounds. The acquisition is in line with the Buy and Build strategy of Baarsma Wine Group and is therefore completely supported by AAC Capital Partners. Cees de Rade (C.O.O. Baarsma Wine Group) said, 'We are very pleased with this acquisition. We regard it as our first step into the UK. The Armit management team is very professional and motivated; furthermore this company offers many synergy possibilities within the Baarsma Wine Group. Armit also enhances our position in this higher wine segment.' Ian Ronald (Chief Executive Armit) said, 'Armit is very proud on the alignment with such a leading and innovative wine distribution company as Baarsma Wine Group. This will enable the company to realise its ambitious growth plans, with preservation of our service, customer orientation and traditions.
[Oudeschoot, the Netherlands, 08-09-2008]