The South African asset management company Capitalworks and businessman Tim Hutchinson – long-time head of the liquor company DGB - have acquired DGB's majority shareholding held by Brait, the JSE-listed independent investment company, for an undisclosed sum.
DGB is a leading SA producer and distributor of wine and spirits to the local and international markets.
The transaction followed a process that Brait began last year to realise various investments and was concluded during this year’s Covid-lockdown. This development at one of the country's foremost liquor companies also sees a major change in DGB's executive, with Hutchinson stepping down after three decades at the company's helm and handing over the reins of DGB Group CEO to Ricardo Ferreira, current CEO of DGB South Africa.
Hutchinson becomes executive chair of the company that he helped build into a major force in the wine and spirits sector since concluding a management buy-out in 1999. This saw DGB management and Brait acquire 80% of the company from the late mining and wine magnate Graham Beck. Since Hutchinson was appointed as CEO of DGB in 1990, he has led the company through an enormous growth phase.
This included development of its international wine business to over 70 countries, supported by 10 DGB offices around the world, establishing a major production, winery, bulk-storage and bottling facility in Wellington and the acquisition of Boschendal in 2005, Franschhoek Cellars in 2009 and Brampton in 2012.
DGB is the owner and producer of wine brands like Boschendal, Franschhoek Cellars, Bellingham, Douglas Green, Tall Horse and The Old Road Wine Co. It owns spirit brands like Strawberry Lips cream, Zappa Sambuca and Butlers liqueurs. DGB distributes and sells famous international brands including Jägermeister, Bacardi, Patron, Grey Goose, Bombay Sapphire, Bavaria, Fever Tree, San Pellegrino and Acqua Panna, as well as iconic local wine brands Kanonkop, Graham Beck, Steenberg and Vergelegen.