Coca-Cola to exit Australian JV after 8 years, Casella to buy its stake

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Coca-Cola to exit Australian JV after 8 years, Casella to buy its stake

Coca-Cola, selling of Australian Beer interest, Casella, Coca-Cola exits Joint venture
Image source: © Stef22 | Megapixl.com

Highlights

  • Coca-Cola Europacific has decided to sell its stake in Australian Beer Co.
  • The move to sell stake in Australian Beer Co is expected to help the company in repositioning its business in Australia.
  • Last October, Coca-Cola also decided to sell its craft beer business in late October. 

Soft drinks major Coca-Cola Europacific Partners has decided to exit its Australian beer joint venture after eight years. The company, formed after Coca-Cola European Partners' acquisition of Australian bottling company Coca-Cola Amatil in May 2021, is selling its interest in the Australian Beer Co to Casella Family Brands. 

Worth mentioning here is that Casella Family Brands is a long-time partner of Coca-Cola Europacific Partners and is known for its Yellow Tail wine brand in the United States.

The move to sell its stake in Australian Beer Co is expected to help the company in repositioning its business in Australia.

The decision to sell the stake in Australian Beer Co follows its acquisition of Coca-Cola Amatil last year. Following this acquisition, Coca-Cola Amatil stopped trading on the ASX, and Coca-Cola Europe changed its name to Coca-Cola Europacific Partners.

Last October, Coca-Cola Europacific Partners also decided to sell Feral Brewing Co, a separate craft beer business as it aims to focus on its core soft drinks range, including coffee, spirits, and ready-to-drink alcohol.

Read more: Why are iCandy (ASX:ICI) shares on investors’ radar today?

Coca-Cola has witnessed several changes within the company over the past 12 months ever since its European counterpart acquired it. The company has strategically turned its focus away from beer. 

Industry insiders say for Casella, it is a welcome opportunity as Australian Beer Co's brewery is located close to Casella winery in Yenda, NSW.

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