Banerji leads management buyout at Whyte & Mackay
By Boby Kurian, TNN |
Highlights
BANGALORE: The Indian business of
Scotch giant Whyte & Mackay has changed hands with the local chief Siddarth
Banerji effecting a management buyout. Mr Banerji acquired the subsidiary Kyndal
India giving him control over the regional distribution of global spirits brands
like Remy Cointreau and Absolut Vodka amongst others.
However, Kyndal will not be involved in the domestic operations of Whyte & Mackay from now on. The deal comes just as Vijay Mallya-led UB Group is in advanced stages of talks to acquire Glasgow-based Whyte & Mackay for about $1 billion. It is learnt that the trading company Kyndal (former name of Whyte & Mackay) has a gross turnover of about Rs 80 crore (including taxes).
Kyndal MD Banerji told ET he was in complete control of the company but declined to divulge details of the transaction with Whyte & Mackay chairman Vivian Immerman. Unconfirmed information suggested a share swap agreement between the two. It must be mentioned that Mr Banerji was part of the management buyout of Whyte & Mackay in 2001, which was backed by Mr Immerman, who later took charge of the Scotch major.
Mr Banerji said he would position Kyndal as a brand distribution and marketing company focusing on the emerging lifestyle segments of the premium spirits market. Besides Remy and Absolut, Kyndal will also handle the malt spirits portfolio of another Scotch major Morrison Bowmore, which is controlled by Japan’s Suntory. The deal with Morrison Bowmore, Mr Banerji added, would replace the-loss of Whyte & Mackay operations.
Kyndal is also expected to unveil partnerships with Dutch liquer company Lucas Bols and not yet revealed French entity to bring in premium brandy. Mr Banerji said Kyndal has bought out the regional brand rights of economy scotch brand Kilt, which is likely to be locally bottled sometime in future.
It must be mentioned that Mr Banerji had turned entrepreneur last year when he independently kicked off Mojaveh Beverages that entered into an equity transaction with Nasik-based Flamingo Wines. It is learnt that Kyndal and Mojaveh will remain as separate entities with the latter mainly focused on the wine business by developing a portfolio both locally bottled and imported.
However, Kyndal will not be involved in the domestic operations of Whyte & Mackay from now on. The deal comes just as Vijay Mallya-led UB Group is in advanced stages of talks to acquire Glasgow-based Whyte & Mackay for about $1 billion. It is learnt that the trading company Kyndal (former name of Whyte & Mackay) has a gross turnover of about Rs 80 crore (including taxes).
Kyndal MD Banerji told ET he was in complete control of the company but declined to divulge details of the transaction with Whyte & Mackay chairman Vivian Immerman. Unconfirmed information suggested a share swap agreement between the two. It must be mentioned that Mr Banerji was part of the management buyout of Whyte & Mackay in 2001, which was backed by Mr Immerman, who later took charge of the Scotch major.
Mr Banerji said he would position Kyndal as a brand distribution and marketing company focusing on the emerging lifestyle segments of the premium spirits market. Besides Remy and Absolut, Kyndal will also handle the malt spirits portfolio of another Scotch major Morrison Bowmore, which is controlled by Japan’s Suntory. The deal with Morrison Bowmore, Mr Banerji added, would replace the-loss of Whyte & Mackay operations.
Kyndal is also expected to unveil partnerships with Dutch liquer company Lucas Bols and not yet revealed French entity to bring in premium brandy. Mr Banerji said Kyndal has bought out the regional brand rights of economy scotch brand Kilt, which is likely to be locally bottled sometime in future.
It must be mentioned that Mr Banerji had turned entrepreneur last year when he independently kicked off Mojaveh Beverages that entered into an equity transaction with Nasik-based Flamingo Wines. It is learnt that Kyndal and Mojaveh will remain as separate entities with the latter mainly focused on the wine business by developing a portfolio both locally bottled and imported.
BANGALORE: The Indian business of Scotch giant Whyte & Mackay has changed hands with the local chief Siddarth Banerji effecting a management buyout. Mr Banerji acquired the subsidiary Kyndal India giving him control over the regional distribution of global spirits brands like Remy Cointreau and Absolut Vodka amongst others.
However, Kyndal will not be involved in the domestic operations of Whyte & Mackay from now on. The deal comes just as Vijay Mallya-led UB Group is in advanced stages of talks to acquire Glasgow-based Whyte & Mackay for about $1 billion. It is learnt that the trading company Kyndal (former name of Whyte & Mackay) has a gross turnover of about Rs 80 crore (including taxes).
Kyndal MD Banerji told ET he was in complete control of the company but declined to divulge details of the transaction with Whyte & Mackay chairman Vivian Immerman. Unconfirmed information suggested a share swap agreement between the two. It must be mentioned that Mr Banerji was part of the management buyout of Whyte & Mackay in 2001, which was backed by Mr Immerman, who later took charge of the Scotch major.
Mr Banerji said he would position Kyndal as a brand distribution and marketing company focusing on the emerging lifestyle segments of the premium spirits market. Besides Remy and Absolut, Kyndal will also handle the malt spirits portfolio of another Scotch major Morrison Bowmore, which is controlled by Japan’s Suntory. The deal with Morrison Bowmore, Mr Banerji added, would replace the-loss of Whyte & Mackay operations.
Kyndal is also expected to unveil partnerships with Dutch liquer company Lucas Bols and not yet revealed French entity to bring in premium brandy. Mr Banerji said Kyndal has bought out the regional brand rights of economy scotch brand Kilt, which is likely to be locally bottled sometime in future.
It must be mentioned that Mr Banerji had turned entrepreneur last year when he independently kicked off Mojaveh Beverages that entered into an equity transaction with Nasik-based Flamingo Wines. It is learnt that Kyndal and Mojaveh will remain as separate entities with the latter mainly focused on the wine business by developing a portfolio both locally bottled and imported.
However, Kyndal will not be involved in the domestic operations of Whyte & Mackay from now on. The deal comes just as Vijay Mallya-led UB Group is in advanced stages of talks to acquire Glasgow-based Whyte & Mackay for about $1 billion. It is learnt that the trading company Kyndal (former name of Whyte & Mackay) has a gross turnover of about Rs 80 crore (including taxes).
Kyndal MD Banerji told ET he was in complete control of the company but declined to divulge details of the transaction with Whyte & Mackay chairman Vivian Immerman. Unconfirmed information suggested a share swap agreement between the two. It must be mentioned that Mr Banerji was part of the management buyout of Whyte & Mackay in 2001, which was backed by Mr Immerman, who later took charge of the Scotch major.
Mr Banerji said he would position Kyndal as a brand distribution and marketing company focusing on the emerging lifestyle segments of the premium spirits market. Besides Remy and Absolut, Kyndal will also handle the malt spirits portfolio of another Scotch major Morrison Bowmore, which is controlled by Japan’s Suntory. The deal with Morrison Bowmore, Mr Banerji added, would replace the-loss of Whyte & Mackay operations.
Kyndal is also expected to unveil partnerships with Dutch liquer company Lucas Bols and not yet revealed French entity to bring in premium brandy. Mr Banerji said Kyndal has bought out the regional brand rights of economy scotch brand Kilt, which is likely to be locally bottled sometime in future.
It must be mentioned that Mr Banerji had turned entrepreneur last year when he independently kicked off Mojaveh Beverages that entered into an equity transaction with Nasik-based Flamingo Wines. It is learnt that Kyndal and Mojaveh will remain as separate entities with the latter mainly focused on the wine business by developing a portfolio both locally bottled and imported.
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