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KKR, Affinity sell Oriental Brewery back to AB-InBev for $5.8bn

20 Jan 2014

Oriental BreweryPrivate equity majors KKR and Affinity Equity Partners have agreed to sell South Korea’s Oriental Brewery back to the world’s largest brewer in a $5.8bn deal including debt.

Anheuser-Busch InBev sold the company to KKR in July 2009 amid a push to reduce its debt pile, and terms were worked into that transaction to allow it to repurchase Oriental before July 2014.

KKR beat a number of fellow buyout houses to the deal including Affinity, which later picked up a stake from KKR.

Oriental estimates its EBITDA in 2013 was about $500m at current exchange rates.

The company has grown to become South Korea’s largest brewer since KKR and Affinity took ownership, driven by strong growth of the Cass brand.

KKR Asia managing partner Joseph Bae said, “We are proud to have partnered with Oriental Brewery these past five years.

“The success experienced since 2009 is a testament to all the employees of OB, and we are gratified to have invested in the company and supported the company’s growth as well as their environmental and citizenship initiatives.”

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