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Heineken Seals $400M Bravo Deal

Published: February 5, 2002 (Issue # 742)


Europe's biggest brewer, Dutch-based Heineken, announced on Friday that it had signed an agreement to acquire St. Petersburg's Bravo Holding for $400 million.

The purchase, which officials at Heineken said would help them move into a Russian market that still has room for growth, not only brings the European holding the popular local Bochkarev brand, but will also allow more market penetration for its own flagship label.

"With this acquisition, Heineken gains a foothold in the expanding beer market in Russia," a statement released by the firm said. "The transaction is valued at a maximum amount of $400 million, provided that volume and price targets are met in the next 12 months."

According to Manel Vrijenhoek, press officer at Heineken, the price is a reasonable one to pay for Bravo's facilities, brands and expertise.

"We think that it's a good price for a company that has shown such strong growth," she said in telephone interview on Monday. "The next few years will bring at least 6-percent annual growth, especially considering that there is room for growth on the beer market."

"And, as we already have such a strong position in Europe, the company's management decided to focus on markets in Russia, Asia and Latin America," she added. She also said that Heineken planned to launch a line producing its own beer here.

"Because Russia has very high import duties, the Heineken brand will have a competitive advantage in the Russian premium market when it is brewed inside the country itself," she said. "Basically, we are not planning to change Bravo's structure and strategy because we see no point in reorganizing a system that is working well. We will fill some positions in management, while the present team will likely stay."

Bravo International was set up in 1993 by two Icelandic businessmen, Thor Bjorgolfsson and Magnus Thorsteinsson. The local brewing facility, which began production in 1999, is the sixth-largest single-site brewery in Europe.

Although the brewery has only been in production for three years, Bravo has already acquired a 17-percent share of the St. Petersburg market and a 7-percent market share in Moscow, according to a Heineken statement. The company's highest-profile brands are Okhota and Bochkarev. The brewery also produces the Lowenbrau brand under license.

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ALL ABOUT TOWN

Thursday, July 24


Liliana Modiliani, a well-known Russian stylist, will talk about choosing clothes that fit during her lecture at 7 p.m. at the Pryamoy Efir art club, 13 Viborgskoe Shosse.



Friday, July 25


Discuss Russia’s economic and political prospects for 2014 during a Business Breakfast organized by SPIBA at 9.30 a.m. in the Bank Saint-Petersburg office at 64


Malookhtinsky Prospekt.


Start your weekend with adorable miniature pigs at the Squealing Pig festival at 7 p.m. this evening in the Karl & Friedrich restaurant, 15 Iozhnaya doroga, on Krestovsky Island.



Saturday, July 26


Hundreds of brand-new and retro cars, drag and drift shows, test drives and karting are planned for the Avtobum-2014 festival, which will take place in front of the RIO shopping center at 2 Fuchika Ulitsa.


Participants in today’s SaniDay Summer competition will impress visitors with their hand-made, unusual and hilarious boats, which will race at the Igora Resort near the 54th kilometer on Priozerskoe Shosse.


Metro Family Day will include both serious lectures for adults and master-classes for children, making the event interesting for the whole family. To participate, come to Kirov Park on Yelagin Island.


Photography will be the focus of today’s Photosubbota, which features lectures by famous photographers, meetings with photo schools and studio representatives, and participation in a photography competition. The event starts at noon at Petrokongress, 5 Lodeynopolskaya Ulitsa.


If you like cycling, make sure to visit the Za Velogorod Festival with its retro bike exhibition, market and live music. The second round of the Leningrad Criterium race will also take place during the event at Petrovsky Arsenal in Sestroretsk.



Sunday, July 27


Navy Day will be celebrated with a weapon and military transportation exhibition, self-defense master classes and concerts. The event starts at 1 p.m. in the 300th Anniversary Park of St. Petersburg.



Monday, July 28


Don’t miss a chance to see the latest achievements in robotics during the RoboDom interactive show, exhibiting more than 150 robots. The show will be at BUM center, 22/2 Gzhatskaya Ulitsa, until Aug. 3. The entrance ticket costs 350 rubles ($10).



Tuesday, July 29


A video of a Queen concert from 1986 will be shown today at 8 p.m. in Yaschik, 50/13 Ligovsky Prospekt.



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