Susan Wood got all excited tonight about 42 BELOW selling out to Bacardi for 77c per share (a 33% premium). She seemed to imply that once again a Kiwi company made good and got the better of a big foreign national. – YEAH RIGHT.
The company said the offer was an opportunity for 42 BELOW to become a global brand. "I think we as New Zealanders should be pretty rapt to see a Kiwi brand become an icon in the luxury goods world. The brand has always been unashamedly New Zealand and now with Bacardi's help our country's vodka brand is set to become a major global force," Ross said.
Good on Geoff Ross for selling, it wasn't making money anyway and it would be a very hard journey into the international markets without further backing.
I can't help but wonder however if we will ever see some sharp, innovative, iconic New Zealand brands actually stay on shore and still make it overseas. Unfortunately that sort of company wouldn't get to appear on Close-Up!
For the record I haven't even tried 42 BELOW, but this post is not about alcohol, it's about Kiwi companies selling out.