Advantage exits Pokka in trade sale
In a week marked by trade sales in the food and beverage industry, Tokyo-based Advantage Partners has announced it will exit its entire 40% stake in Pokka Co., a Japanese coffee and soft drink maker to Sapporo Holdings, the local brewery major which already has a minority 21.4% stake in Pokka. Sapporo will also take another 24.1% shareholding from: CITIC Capital, the private equity arm of CITIC Group, China’s largest conglomerate owns 1.9%, and Meiji Seika Kaisya, a Japanese confectionary owns 21.4%.The equity stake totals JPY 21 billion ($251.2 million), and Sapporo will take on a residual JPY11 billion ($131.8 million) in loans.
With the premium Sapporo has agreed to pay to other shareholders, plus the loans that the company will take over, the deal values Pokka at around JPY36.2 billion ($433 million). The exit is a particularly...
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