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Yarraman Winery announces merger with Asia Distribution Solutions

Posted on: Tue, 17 Feb 2009 07:34:00 EST

Symbols: YRMN

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Feb 17, 2009 (Datamonitor via COMTEX) --
YRMN | Quote | Chart | News | PowerRating -- Yarraman Winery, an Australian wine company, has announced that it will acquire Asia Distribution Solutions, a distributor of wine and spirits in China. After completion of the acquisition, Yarraman intends to change its name to Global Beverages Asia.

According to Yarraman Winery, the stock acquisition of Asia Distribution Solutions (ADSL) has been accepted by more than 90% of ADSL's shareholders and the acquisition is expected to close soon.

Global Beverages Asia will retain Yarraman senior management to continue to operate its winery and vineyard in Australia and some of the current board of directors. Newbridge Securities Corporation acted as merger and acquisitions Advisor to Yarraman on the transaction.

Steve Wong has been appointed as CEO of Global Beverages Asia. Mr Wong was formerly the head of Pepsi-China, in charge of opening new markets and logistical distribution, as well as the former CEO of Sara Lee-China. Steve Kulmar will join the board as a non-executive director. Mr Kumar will be joined with Richard Broug, who was responsible for repositioning and revitalizing Coles in Australia into an A$10 billion enterprise by integrating the private label procurement and bring $250 million of new products, increasing sales by 16% and margins by 300 basis point.

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