Carlsberg Takes Over Greece’s Olympic Brewery

Carlsberg Logistics 2 CopenhagenDenmarks’ Carlsberg is about to become the number two beer company in Greece after an agreement to acquire Olympic Brewery, according to Reuters.

The Chairman of the New Olympic Brewery will be Lars Lehmann from the Carlsberg Group and CEO will be Alexandros Karafillides, also from the Carlsberg Group, according to the company’s official statement.

“The merger with Olympic Brewery and the creation of a strong number two player in the Greek market represents a step-change for our local business,” Carlsberg Chief Executive Jorgen Buhl Rasmussen said. Olympic Brewery’s best-known brand is Fix, one of the first Greek beers manufactured.

After the merger, Carlsberg Group will have 51 percent of the company and current Olympic Brewery owners will have 49 percent of the shares. This puts Carlsberg in a much stronger position in the lucrative Greek market since Olympic Brewery is the third largest brewer in Greece at the moment. Carlsberg’s estimated market share in Greece will be at 29 percent, according to a company statement on Tuesday.

The transaction is conditional upon the necessary regulatory approvals from the Hellenic Competition Commission. In the past, Carlsberg had acquired Mythos Brewery, another successful Greek beer manufacturer. Now Greek brands Fix and Mythos will be in Carlsberg’s portfolio along with Tuborg, Kronenbourg, Baltika and other international labels.

With gross sales volumes of 139 million hectolitres, Carlsberg is the world’s fourth-largest brewer, while Olympic Brewery produces 550,000 hectolitres annually, according to Reuters.

The number one beer company in Greece remains Heineken with brands like Amstel, Fischer, Sol and Greek brewery Alfa.