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4-2017

Global hop market

A local alternative to mass beer suggested by independent brewers has been successful and is now altering the global market. Beer is becoming more diversified, so transnational companies have to accept the new game rules and to switch focus to young and fast growing markets. All these processes increased the demand for aroma and bitter hop as well as their acreage expansion on two continents. However now there appeared a downward trend of alcohol consumption in the world, so even special sorts can soon turn to be sufficient. In this connection the dynamic American hop market is already facing some problems. EU hop producers have become more cautious, they are not racing to exceed the demand and look forward with more confidence, judging by the contract terms. 

Hop Market in Russia

Germany still dominates the Russian market, yet over the recent two years one has been able observe a continuous success of Czech hop suppliers. Their expansion and growing popularity of hops from the United States became the drivers of supplies growth in 2016 despite the preceding modest harvest crop in the EU, as well as the factor of relative stability in 2017. In this connection, in 2017, the ratio of the varieties continued to shift towards the aroma ones, and the supplies of Magnum hop and other alpha varieties were reduced. However, the import of bitter hop pellets is partially replaced by extracts, especially from the major beer manufacturers. Total volumes of alpha acid supplies, according to our estimation, decreased by approximately 5% and returned to the level of 2015. Barth Haas Group continues dominating the hop products market; HVG also increased its weight. At the same time, Morris Hanbury significantly reduced the supplies in 2017.

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PE firm KKR makes full exit from Vietnam’s Masan Consumer

US private equity firm KKR has announced its full exit from Vietnamese portfolio investee Masan Group, in which it invested $359 million in two rounds.

KKR’s maiden investment of $159 million in Masan Consumer was made in 2011 with follow-on round of $200 million two years later, making it the largest private equity investment in Vietnam.

In a simultaneous announcement, Masan said, that it closed the first funding tranche worth $650 million, part of the $1.1-billion strategic partnership it struck with Thailand’s Singha Asia Holding Pte Ltd last month.

Commenting on its biggest PE bet in Vietnman, Ming Lu, co-head of private equity for KKR Asia, said in a release: “KKR is proud of the successful and win-win partnership with Masan Group. Masan Consumer has established itself as a leader in the Vietnamese fast-moving consumer goods industry.”

“Since KKR entered into partnership with Masan Consumer in 2011, the company has grown both organically and inorganically, capitalising on the structural consumption trends and rising middle class potential in Vietnam, according to KKR statement.

“KKR’s investment has also been an important validation of our business model and our growth potential,” said Seokhee Won, deputy CEO of Masan Group and CEO of Masan Consumer.

In July last year, a representative from Masan Group confirmed to Deal Street Asia that KKR had sold half of its holdings to make a 100 per cent return on its initial investment. Then in late December, KKR sold another tranche of 10 million shares of the food firm to own only 7.93 per cent.

29 Jan. 2016

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