42 Below Investment Keeps Charlie’s in High Spirit
42 Below Investment Keeps Charlie’s in High Spirits
Charlie's Group Limited (CHA) announced today that 42 Below Limited (FTB) had taken a 4.7% stake in Charlie’s, following the recent announcement that Charlie's had acquired Phoenix Organics Limited.
Charlie's CEO, Stefan Lepionka said "he was delighted to welcome 42 Below on board as an investor". "The companies have many similarities; New Zealand owned, high growth, offering premium brands". Mr Lepionka noted "the companies have a complete and complementary set of distribution channels, customers and products and discussions on utilising these are encouraging and ongoing"
42 Below CEO Geoff Ross noted "We are very impressed that Charlie's has purchased the premium cafe beverage operator Phoenix Organics. This is an important move for our industry". Mr Ross said.
"No longer do you only go to a bar for an alcoholic drink and only to a cafe for a juice. Consumers expect a full beverage offering in all outlets - both alcoholic and non alcoholic." Charlie's coverage of cafe's and the route trade through the Phoenix Organics acquisition is attractive to us and a lot of juice is sold through restaurants and bars - not only in a 42 Below cocktail." We wish Charlie's and Phoenix Organics well."
FTB has subscribed for 12,621,810 ordinary shares in CHA for $1,632,000, on conversion of the equity loan previously announced to the market.