Leading liquor distributor DGB (Boschendal, Douglas Green) sells majority stake
DGB is a major player in both the local and international markets as a producer and distributor of wine and spirits.
Its majority shareholding has now been acquired from investment company Brait by asset managers Capitalworks and longtime DGB Group CEO, Tim Hutchinson.
Hutchinson, who now becomes chairperson, gives more details on The Money Show.
He describes the deal as the start of a new era.
Brait decided they wanted to realise some of their investments... It was probably time for me to think about moving on, but I've known the Capitalworks team for a long time... and we've got a great management team...Tim Hutchinson, Chairperson - DGB
We've got a very good international footprint and we export... around the world and that's got huge growth potential.Tim Hutchinson, Chairperson - DGB
Hutchinson expands on the announcement of the appointment of Ricardo Ferreira as Group CEO, and his own future role.
He's been with the company seven years... He joined us from SAB where he had a very successful career for 14 years, so he knows the business intimately.Tim Hutchinson, Chairperson - DGB
I've invested alongside Capitalworks... but I'll play a non-exec chairman role and help the team and be a sounding board and they must grow the business.Tim Hutchinson, Chairperson - DGB
Believe it or not, with the shutdown locally and internationally, wine consumption's increased... People who used to open a bottle of wine once or twice a week at home with their partners are now having at least a couple of glasses every night!Tim Hutchinson, Chairperson - DGB
In Europe and in Holland and in Canada and our big markets, retail wine sales are up about 20%.Tim Hutchinson, Chairperson - DGB
South African wines have always been too cheap internationally... That's not the future... South African wines at the top end are extremely good quality wines.Tim Hutchinson, Chaiperson - DGB
Listen to the interview in the audio below:
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