Bacardi Takeover Bid
The firm undertook an initial public offer of shares and warrants in 2003. The shares and warrants were quoted on the NZSX market operated by New Zealand Exchange Limited (NZX). However, on 27 September 2006 the firm said it had received a takeover offer from Bacardi Ltd at 77 cents per share, valuing the company at NZ$138 million. Bacardi said it saw the firm as a young company with long-term growth potential.
"Bacardi plans to invest heavily in the 42 Below brand portfolio and supporting infrastructure," Bacardi's president and chief executive Andreas Gembler said in a statement. The takeover was successful and 42 BELOW Limited is now a wholly owned member of the Bacardi group.
Bacardi intends that that manufacturing will remain in New Zealand, run by the same team to retain its distinctive Kiwi spirit. "It gives a fresh perspective to the super premium and premium vodka segments and actually comes across with a very nice Kiwi irreverence flavour that's not there in the market at the moment," says Bacardi spokesperson Atul Vora.
They also produce Seven Tiki rum and Tahiti dark rum, and bottle '420' spring water, the water used to make 42 Below vodka.
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