Largest imported spirits distributor, The Keepers Holdings, Inc., files for FOO

PSE
PSEi

THE KEEPERS Holdings, Inc. (formerly Da Vinci Capital Holdings, Inc.), distributor of leading brands such as Alfonso, Johnnie Walker, Jose Cuervo, Jim Beam and Jinro, has filed a registration statement with the Securities and Exchange Commission (SEC) for a follow-on offering to raise funds for the expansion of the liquor, wine and specialty beverage distribution operations of the Lucio Co-led holding company.

The listed-company was given approval by its stockholders for the issuance and listing of up to 3.0 billion common shares through a follow-on public offering,or a “re-IPO”, during its annual meeting of stockholders held last May 28, 2021.

The Keepers Holdings, Inc. hopes to raise up to P7.5 billion from the public offer that is tentatively scheduled in the month of September of this year. Based on the preliminary prospectus filed at the SEC, “KEEPR”, plans to sell to the public up to 3.0 billion common shares at a price of P2.00 to P2.50 per share.

China Bank Capital Corp., PNB Capital and Investment Corp. and SB Capital Investment Corp. have been mandated as the joint issue managers, joint lead underwriters and joint bookrunners for the “re-IPO”.

“We are excited by the opportunity to bring our company to the investing public,” said The Keepers Holdings, Inc. President Jose Paulino Santamarina. “This is like an IPO because we are actually introducing a new business, one that is rife with huge potential. Keepers is poised to become the only pure play, imported spirits distribution listed company in the Philippines,” he explained.

The Keepers Holdings, Inc. consolidated the liquor, wine and specialty beverage distribution businesses of retail mogul Lucio Co. It owns and operates three companies – Montosco Inc., Meritus Prime Distributions Inc. and Premier Wine and Spirits Inc.

The group achieved record consolidated net sales from 2018 to 2019, jumping from P8.58 billion to P10.72 billion or a growth of 25 percent. Consolidated net income recorded stronger growth from just P817 million to P1.22 billion during the same period which translates to a growth of 49 percent. Although historical growth was tempered by the pandemic in 2020 with consolidated net sales declining to P8.17 billion, the group’s consolidated net income was remarkably robust at P1.18 billion, or a decrease of only 3.20 percent, driven by the implementation of strategic cost-saving measures, among others.

“The Keepers Holdings, Inc. is now the largest distributor of imported spirits in the Philippines holding 74 percent volume market share,” according to Santamarina.

Proceeds from the public offering will used to fund the company’s expansion, which Santamarina described as a ‘multi-path expansion through horizontal and vertical integration, alternative distribution channels and new geographic territories’ particularly into the high-growth alcoholic beverage market.