Independent Liquor Sold
According to NZ Herald reports Independent Liquor has been sold to Australian-based private equity firms Pacific Equity Partners and CCMP Capital Asia for NZ$1.26 billion.
Our valuation was a mid-point of NZ$1.034 billion with a range from NZ$698 million to NZ$1.42 billion. Our analysis of the company (using very limited public information) was probably pretty close.
It is a good result for the estate of the late Michael Erceg. It does however illustrate the amazing job he did – creating over a billion dollars of value since starting the business in 1987. New Zealand does not have enough entrepreneurs of his standard – he is missed already.
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