Saigon Asset Management ® Corporation (SAM) and Heritage Beverage Company (HBC) today announced that they have entered into a definitive agreement under which Saigon Asset Management will acquire all of the outstanding shares of Heritage Beverage in an all-cash transaction. The transaction has been approved by the Board of Directors of both companies.
The acquisition is the next step in development of Saigon Asset Management’s private equity activities by targeting high growth companies with competitive advantages between the United States and Vietnam. With this transaction, Saigon Asset Management will be investing in selling the #1 beer in Vietnam in North America. Heritage Beverage brings a 22-year history in beer distribution in the US and Canada. The acquisition also enables Saigon Asset Management to introduce its Vietnamese F&B product portfolio into the US and Canada, securing long-term access to distribution and retail channels at lower cost.
The proposed acquisition creates significant value for both Heritage Beverage and Saigon Asset Management shareholders. Saigon Asset Management brings a successful track record of fund management and M&A with a number of investments over the last several years helping to fuel North America sales, create value, and strongly positions the company to capture higher-growth opportunities. In addition, Saigon Asset Management’s investment and operational excellence, coupled with the upcoming ratification of the Trans Pacific Partnership (TPP), is expected to generate additional cost synergies.
“This transformational acquisition aligns with our long-term strategy to be a first mover in the US-Vietnam F&B industry by providing compelling, high-quality products for both countries,” said Louis Nguyen, Chairman and Chief Executive Officer, Saigon Asset Management. “Heritage Beverage holds the exclusive rights to import Saigon Beer, the #1 Vietnamese beer, into North America. The acquisition will be ideally positioned to capture the growth opportunities created by the rapidly evolving import beer industry in the US and Canada. I’m excited to welcome the Heritage Beverage team as we look to create additional value for all of our stakeholders, including our customers, shareholders and employees.”
“Saigon Asset Management is recognized as a leading fund management and private equity firm with a solid history of outperformance and value creation for its portfolio companies, making the company the ideal strategic partner for Heritage Beverage,” said Eli Holsinger, Chief Executive Officer of Heritage Beverage. “In addition, Saigon Asset Management and Saigon Beer Corporate (SABECO) have been working together since 2005 in various projects and capacities. This combination creates an even stronger partner for our customers. Joining forces with Saigon Asset Management will enable Heritage Beverage to broadly offer the best Vietnamese beers to the world’s largest beer drinking region.”
Eli Holsinger will continue to serve as Chief Executive Officer of Heritage Beverage, and the company will remain headquartered in Beverly Hills, California. Louis Nguyen will join as Chairman of the Board of Directors of Heritage Beverage.
About Saigon Asset Management
Founded in 2007, Saigon Asset Management Corporation (SAM) is a fund management/private equity firm having contact address in Ho Chi Minh City, Vietnam. SAM is the investment manager of Vietnam Equity Holding (VEH) and Vietnam Property Holding (VPH), two top Vietnam-focused investment funds. Since 2007, VEH and VPH have deployed over $250mn in over 45 companies and projects in Vietnam. These two funds have outperformed the Vietnam Index as well as their peers, and held top positions in 2008, 2009, and 2014. SAM also invests its principal money into private companies in Vietnam and the US, focusing on impact investments, specifically in the areas of F&B, education, technology, and healthcare businesses. For more information, please visit www.saigonam.com
About Heritage Beverage Company
Established in 1994, Heritage Beverage Company (HBC) is an international beer importer based in Beverly Hills, California. Heritage Beverage is the exclusive US and Canada distributor of Saigon beers, products of Saigon Beer Corporation (SABECO), the largest beer company in Vietnam. Heritage Beverage works with the largest distributors in North America to sell its products into the mainstream and Asian channels. For more information, please visit www.heritagebeverage.us
Saigon Asset Management (SAM)
T: +848 5404 3488