Sazerac launches Berentzen takeover bid
The proposed acquisition would expand Sazerac’s European manufacturing and distribution platform while giving Berentzen access to a larger international spirits group.
USA – US spirits producer Sazerac has launched a voluntary public takeover offer for Germany-based Berentzen-Gruppe, offering €5.55 per share for all outstanding shares under a business combination agreement announced by the companies.
The offer values each Berentzen share at a premium of about 68% to its unaffected three-month volume-weighted average price before September 16, 2026. Berentzen’s executive and supervisory boards have backed the proposed transaction.
The offer is subject to a minimum acceptance threshold of 50% plus one share. Sazerac expects the transaction to close in the fourth quarter of 2026 and intends to pursue a delisting of Berentzen following completion.
Berentzen is headquartered in Haselünne, north-west Germany, and owns brands including Puschkin vodka, Tres Países rum and its namesake fruit-based spirits.
Its executive board members Oliver Schwegmann and Ralf Bruehoefner described the transaction as an “outstanding opportunity” for the company, employees and shareholders.
“The proposed price of €5.55 per share is on a level not seen for over two years,” they said. “The business combination will present the Berentzen Group with an excellent opportunity to consistently pursue its growth strategy and tap into further potential for value creation at a pace and on a scale that is only possible with a strong strategic partner in a challenging European market.”
The executives said the company would recommend that shareholders accept the offer, citing Sazerac’s international reach, financial resources and acquisition experience.
Sazerac CEO and President Jake Wenz said the combination would enable the companies to manufacture and distribute spirits across Europe and beyond.
“We are confident this business combination will be beneficial for both sides, enabling us to manufacture and distribute spirits products for the whole of Europe and beyond with greater flexibility and pace, including brands from the Berentzen Group, Sazerac as well as private-label ranges,” Wenz said.
Sazerac also said it intends to continue operating Berentzen’s existing sites and invest in their development, while creating opportunities for its workforce and brands.
The takeover comes after a period of weaker performance for Berentzen. In 2025, revenue declined 10.4% to €162.9 million, while adjusted consolidated EBIT fell 19.8% to €8.5 million.
Revenue dropped a further 11.1% to €71 million in the first half of 2026, with spirits sales remaining weak. The company has attributed pressure on its spirits division partly to the expiry of a private-label Bourbon supply contract and weakness in Germany’s market and consumer spending.
The transaction marks Sazerac’s latest acquisition following its recent purchase of UK vodka brand Au Vodka.
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