As per the company’s statement, the acquisition signifies a pivotal step in NCS’s aim to broaden its brand portfolio and strengthen its position as one of the top suppliers in the industry.
In this deal, NCS will take ownership of the Nue Vodka brand, known for its annual sales volume of about 220,000 9-liter cases spanning 29 states. Furthermore, NCS will also acquire The Other 49 Bourbon, Sixty Men Bourbon, Calamity Gin, Henderson Whiskey, and George Ocean Rum.
These brands become part of NCS’ portfolio, complementing offerings like Bear Fight American Single Malt Whiskey, Numbskull Cool Mint & Chocolate Flavored Whiskey, Creek Water American Whiskey, and the ready-to-drink Caddy Cocktails.
Anthony Moniello, co-CEO of NCS, expressed excitement, stating, “We’re delighted to broaden our portfolio with these brands, notably Nue Vodka. Our goal is to establish ourselves as a reliable, enduring spirits partner with a varied portfolio, and the recent acquisition of SSW brand assets enables us to diversify our business and expedite our timeline.”
Rob Mason, co-CEO of NCS, chimed in, saying, “We’re enthusiastic about enlarging the Next Century Spirits portfolio to cater to consumer needs. The Southwest Spirits portfolio comprises an impressive array of youthful brands that align with significant consumer trends, propelling us significantly into the vodka, gin, and bourbon categories.”
The specifics of the transaction were not revealed.
Starbucks Chile has strengthened its presence in the country by opening its first store in Osorno as part of its expansion strategy.
The company’s authorized partner Alsea operates the new establishment.
It will offer customers a variety of hot and cold coffee drinks, sandwiches, and desserts.
Claudia Aburto, Starbucks South America director, expressed, “We are thrilled to introduce the Starbucks Experience to Osorno, furthering our reach in southern Chile. Our store designers have crafted a space that showcases iconic landmarks of the region, like the Osorno volcano and Lake Llanquihue, fostering moments of connection over coffee, cherished by many of our customers.”
According to the company, the design of the Osorno store mirrors the city’s heritage, incorporating elements like the kingfisher and Maitén leaves indigenous to the region.
In 2003, Starbucks entered Chile, establishing its presence in Santiago.
This latest store represents the 163rd Starbucks outlet in the country and will be staffed by a team of 14 employees.
Claudia further commented, “Expanding within the Chilean market remains a key focus for Starbucks. We intend to unveil additional stores in the upcoming months, emphasizing our joint dedication to generating local employment prospects and providing distinctive experiences for consumers.”
Last month, Delosi, the operator of the coffee chain in Peru, opened its first drive-through facility in Lima’s urban district.
The El Ejercito store, located on Pérez Araníbar Avenue in the San Isidro district, marks the second of its kind in the country, following the debut of the Starbucks Panamericana Sur store in 2018.
Jack Daniel’s Country Cocktails is renowned for delivering delicious beverages with Southern charm and time-honored flair. Embracing its Southern roots, Jack Daniel’s Country Cocktails proudly unveils its latest creation this spring: a refreshing hard tea tailored for today’s discerning palate. Crafted with the finest black tea, authentic fruit essence, and a harmonious sweet note, this Hard Tea embodies the essence of Southern tradition with a contemporary twist.
The Hard Tea will be available in four tantalising flavours: original, peach, raspberry, and blackberry, providing tea connoisseurs with an exciting and tasty voyage. Whether you’re lazing on the porch or having a spirited discussion, each different flavour offers a pleasurable sipping experience, enhancing every moment with its robust and refreshing aroma.
“We are excited to be joining this rapidly growing market. We’ve created a new take on the beverage that honours its traditional southern roots through our partnership with Brown-Forman and the iconic Jack Daniel’s brand,” says Keith Cunningham, vice president of partnerships at Pabst. All four of our delicious flavours are standouts in their own right. Although it will be difficult to pick a favourite, each flavour will provide customers with a smooth, vibrant, and revitalising experience.
At launch, customers can enjoy all four flavors of Jack Daniel’s Country Cocktails Hard Tea in a convenient twelve-pack of 12oz cans, available at retail and convenience stores across thirteen states. Additionally, the Original and Peach variants will be offered in single-serve cans of 16oz and 23.5oz sizes exclusively in those limited states.
Jack Daniel’s Country Cocktails represent top-tier malt beverages within the Jack Daniel’s Family of Brands. Introduced in May 1992, Jack Daniel’s Country Cocktails, along with their distinct flavor names, are registered trademarks.
Oyo Hotels is looking to secure up to $450 million through dollar bonds as it aims to replace an existing high-cost loan amid delays in its stock-market debut, Bloomberg reported, citing a person close to the matter.
According to the report, Oravel Stays Ltd, the parent company of Oyo, is in discussions with bankers to raise between $350 million and $450 million to repay its term loan B, which is set to mature in 2026.
Oyo declined to comment on this development.
The refinancing will extend the repayment timeline to five years, with the company aiming to finalize this process by the September quarter.
It’s worth noting that in 2021, the company secured $660 million in term loan funding from global institutional investors.
Towards the end of last year, OYO finalized payments totaling INR 1,620 Cr (around $195 Mn) to repurchase 30% of its outstanding Term Loan B (TLB). Nonetheless, there is still an outstanding balance of approximately $465 Mn.
Term Loan B is a category of loan extended by financial institutions, commonly utilized by companies for purposes including acquisitions, recapitalizations, or refinancing existing debt.
This comes after weeks of discussions wherein the hotel giant was in talks to secure close to $400 million in a funding round from the Malaysian sovereign wealth fund Khazanah Nasional Berhad.
It’s worth mentioning that OYO last secured a primary round from Microsoft in 2021, valuing the company at over $9 billion.
The startup has been asserting improvements in its financial health.
It’s noteworthy that in September, its founder and CEO, Ritesh Agarwal, indicated that OYO was on course to declare its first profitable quarter in Q2 of the financial year 2023-24 (FY24).
The startup saw a 34% reduction in its net loss to INR 1,286.5 Cr in FY23 from INR 1,941.5 Cr, with expenses decreasing slightly despite business expansion.
In 2023, OYO downscaled its IPO size from $1.2 billion to $400-$600 million and submitted its DRHP to the Securities and Exchange Board of India (SEBI) via the confidential pre-filing process.
Last year, OYO saw the departure of several key executives, including Ankit Gupta, OYO’s India CEO, and Mandar Vaidya, the head of OYO Europe.
During that same year, OYO promoted Rakesh Kumar from deputy chief financial officer to chief financial officer, with a focus on driving finance and operational growth.
Zomato, a foodtech giant, has received a fresh Goods and Services Tax (GST) notice amounting to INR 11.8 crore from the Gurugram GST authority.
The order includes a GST demand of INR 5.9 Cr and an accompanying penalty of INR 5.9 Cr.
As per the exchange filing on Friday (April 19), the company stated that it had received a tax order from the additional commissioner of central goods and services tax, Gurugram, for the period spanning July 2017 to March 2021. The order entails a GST demand of INR 5,90,94,889, along with corresponding interest and penalty charges of the same amount.
This comes weeks after Zomato received two consecutive tax notices of INR 23 Cr and INR 92 Cr from the Karnataka tax authority earlier this month.
In the filing, Zomato stated that the latest demand order pertained to the GST on export services provided by the company to its subsidiaries located outside India between July 2017 and March 2021.
Zomato stated that it received the demand order, asserting that the services provided didn’t meet the criteria for classification as export of service under GST.
According to the exchange filing, the company responded to the show cause notice by providing clarification on the allegations, supported by documents and legal precedents. However, it seems that the authorities did not fully appreciate this when issuing the order.
Zomato anticipates no financial repercussions for the company as a result of the tax penalty.
It’s worth mentioning that Zomato is currently facing various tax-related challenges. In March, the leading foodtech company received a penalty notice from the Deputy Commissioner of State Tax in Gujarat for the fiscal year 2018-19.
Last December, Zomato was served with a show cause notice amounting to INR 401.7 crore from the Directorate General of GST Intelligence, Pune Zonal Unit. This notice pertained to unpaid taxes on delivery charges collected from customers spanning from October 29, 2019, to March 31, 2022.
Despite these tax notices, the company’s stock performance appears largely unaffected. Zomato shares have shown significant momentum in recent months, driven by robust financial results and optimistic forecasts from D-Street regarding Blinkit’s growth prospects in the mid to long term.
Carlsberg Asia has signed a Memorandum of Understanding (MoU) with Southeast Asia’s everyday superapp, Grab, marking the beginning of a strategic partnership that will revolutionize how consumers enjoy their beer. This collaboration will encompass awareness and promotional campaigns on GrabAds across four key countries in Southeast Asia (SEA) – Cambodia, Malaysia, Myanmar, and Singapore. It will commence with the launch of an exciting football season campaign featuring Liverpool Football Club and a joint Responsible Drinking campaign. Additionally, the partnership will see the establishment of a virtual store for Carlsberg on the Grab app in Singapore and Malaysia, streamlining the process for consumers to order and receive their favorite Carlsberg beers.
Both Carlsberg and Grab wield considerable influence in Southeast Asia, boasting substantial consumer overlap. According to an internal survey by Grab, 61% of its user base across the region partake in alcohol consumption. Moreover, over 90% of users opt for Grab’s ride-hailing services due to motivations related to responsible drinking and safety concerns rather than driving their own vehicles. Leveraging Grab’s expansive ecosystem and localized insights, Carlsberg endeavors to broaden its digital presence in the region, extending accessibility of its product range to a wider audience.
Arindam Varanasi, Vice President, Commercial Asia at Carlsberg, expressed, “As part of Carlsberg Group’s Accelerate SAIL strategy, this dynamic partnership is poised to propel digital transformation and foster growth in the region, transcending traditional retail channels. Together, we aim to amplify drinking occasions for consumers, offering seamless access to Carlsberg’s diverse portfolio of local and international beers and Beyond Beer brands, all delivered conveniently and safely to their doorstep. This collaboration underscores Carlsberg’s steadfast commitment to promoting responsible drinking.”
The partnership is set to commence in the second quarter of 2024, offering exclusive promotions, dine-in specials, and rewards accessible to legal drinking-age consumers through the Grab app. To kickstart this endeavor, Carlsberg and Grab will roll out an engaging campaign coinciding with the UEFA Euro 2024 season in the summer. With a longstanding partnership of over three decades, Carlsberg has been a key sponsor of Liverpool Football Club (LFC) since 2010, and this football season, it aims to amplify the excitement for LFC fans across the Southeast Asia (SEA) region by utilizing Grab’s extensive online and offline platforms. Furthermore, Carlsberg will collaborate with GrabAds, Grab’s advertising division, on a Responsible Drinking campaign later in the year, promoting responsible alcohol consumption and prioritizing safety by encouraging the use of GrabCar services.
Ken Mandel, Regional Head of GrabAds and Brand Insights, expressed, “We are truly honored that Carlsberg, a renowned global brewery brand, has selected GrabAds, Grab’s advertising division, to enhance their brand presence through meaningful consumer campaigns – the LFC partnership and the Responsible Drinking Campaign. This collaboration highlights not only the extensive and impactful reach of GrabAds’ online-to-offline touchpoints but also underscores GrabAds’ ability to effectively engage with valuable consumers who utilize Grab for daily interactions and transactions with brands and merchants.”
The mingling aromas of meats, kebabs, smoke, and flames, complemented by the refreshing effervescence of chilled cola, constitute the essence of any outdoor BBQ gathering. With spring blooming and anticipation for a summer filled with family, friends, and delectable fare, these elements become the hallmark of weekly celebrations.
A recent survey by the Harris Poll revealed that 80% of Americans prefer the conviviality of outdoor BBQs over dining out, with grilling ranking as a beloved pastime for over half of all respondents.
This summer, PEPSI and renowned chef Bobby Flay are fully embracing this cherished seasonal tradition, elevating the experience with an array of backyard BBQ favorites, including burgers, hot dogs, ribs, and more. Together, they’re showcasing how grilling is truly #BetterWithPepsi.
To enhance the outdoor cooking experience like never before, Pepsi has partnered with renowned grill master and culinary expert Bobby Flay, inviting consumers nationwide to indulge freely all summer long in a delightful fusion of fun, food, and ice-cold Pepsi. Throughout the season, fans and cola enthusiasts will savor the revelation of how flame-kissed dishes – spanning from BBQ chicken and burgers to perfectly grilled steaks and beyond – are elevated to new heights when paired with Pepsi.
Moreover, Bobby will take center stage in an upcoming linear TV campaign, alongside in-store displays, digital content shorts, captivating stunts, and a social series delivering grill tips, tricks, and tutorials. These initiatives are set to kick off before Memorial Day and will continue throughout the summer, ensuring a season brimming with culinary inspiration and refreshment.
“The right drink can really elevate the experience when it comes to barbecue,” said Bobby Flay. “The rich, smoky barbecue meals that have been such a mainstay of my culinary journey pair perfectly with Pepsi’s nuanced flavour profile. Every mouthful is enhanced by the taste of Pepsi, whether you’re enjoying succulent ribs, succulent burgers, or expertly smoked brisket.
He added, “I’m as excited as anyone to discover the possibilities that Pepsi Lime & Pepsi Peach bring this season.”
Building upon the foundation of the successful #BetterWithPepsi campaign, which has celebrated favorite foods like Burgers, Pizza, and Hot Dogs, Pepsi is gearing up to take things to the next level this summer. Here’s what consumers can expect:
Limited-Edition Flavor Innovations Inspired by Summer Grilling: Embracing the essence of summer BBQs, Pepsi introduces two refreshing additions—Pepsi Lime and Pepsi Peach. These flavors capture the spirit of warm weather gatherings, offering the tangy citrus bite of lime and the plush sweetness of ripe peach. Perfectly complementing the bold, dynamic, and smoky flavors created on the grill, Pepsi Lime and Pepsi Peach enhance every sip with a delightful burst of summer freshness. Available soon nationwide in 12 oz. cans and 20 oz. bottles.
Jenny Danzi, Senior Director, Pepsi TM, said, “Bobby Flay is known for grilling and we all know any barbecue occasion is amplified by an ice-cold Pepsi, so it seemed right that we bring it all together as we prepare for summer.” “We have consistently shown that Food Tastes Better with Pepsi since 2021. Currently, America is being shown by the famed grill master himself, Bobby Flay, that summertime get-togethers are, in fact, Better With Pepsi—regardless of what is cooked on a grill for a backyard BBQ. We can’t wait to see how customers react to our two new limited-edition colas and are excited to cheer everyone up all season long with Bobby Flay on our side.
FAT Brands, the overseeing entity of Fatburger and Round Table Pizza, has revealed plans for a development agreement aiming to establish 40 fresh franchised Fatburger outlets throughout Northern California.
The move entails co-branding 40 existing Round Table Pizza locations with Fatburger over the next ten years, with the first co-branded site anticipated to open in 2024.
The company has joined forces with franchisee California Burger to facilitate its expansion.
Taylor Wiederhorn, FAT Brands’ chief development officer, remarked, “Following the inauguration of our initial co-branded Fatburger and Round Table Pizza in the Dallas region last year [in October 2023], we’ve observed considerable enthusiasm for this collaboration among our franchisees.”
Nestled within the Lantana neighborhood, this 3,500 square foot establishment provides patrons with a comprehensive, full-service, full-bar casual dining experience. It holds the distinction of being the inaugural destination in Lantana, Texas, to offer both burgers and pizzas under a single roof.
Wiederhorn added, “We are delighted to advance the expansion of the innovative co-branded model alongside California Burger Inc., which also oversees Circle Pizza LLC, the leading multi-unit operator of Round Table Pizza with more than 70 Round Table Pizza restaurants currently in operation.”
“We recognize significant potential for co-branded Fatburger and Round Table Pizza restaurants, leveraging the rich California heritage of both brands. This approach mirrors the success we’ve achieved with co-branded Fatburger and Buffalo’s Express locations, now exceeding 100 establishments globally.”
In March 2024, FAT Brands inaugurated a new restaurant in Orlando, further extending its presence in Florida.
The recent establishment at 1713 Future Way marked Fatburger’s debut in the Orlando region and stands as the second of 14 anticipated developments spanning Orlando and western Florida.
Sodexo, the French food services company set to provide meals at this summer’s Olympic Games in Paris, anticipates healthy growth in 2024 following a reported profit increase of over 15 percent last year.
As one of the world’s largest providers of meals in company canteens and school cafeterias, the company anticipates revenue growth to reach the upper end of a 6-to-8 percent range. This expansion is fueled by both the acquisition of new clients and an increase in service prices.
The company reported a 15.4 percent increase in net profit to 427 million Euros (USD 460 million) last year, alongside a 4.5 percent uptick in sales to 12.1 billion.
Sophie Bellon, the Chief Executive, highlighted that Sodexo has benefitted from companies enhancing their food offerings as a tactic to entice employees back to the office post the Covid-19 pandemic.
She remarked, “Despite the prevalence of remote work, companies are adamant about their employees returning in person and are prepared to furnish them with top-tier amenities.”
Sodexo mentioned that it is close to completing its recruitment drive for the summer Olympics. The company plans to employ 6,000 individuals for the games and has already filled 85 percent of the positions with a mix of internal and external candidates.
Each day, around 1,000 individuals will be on duty at the athletes’ village, where Sodexo will cater up to 40,000 meals daily. The games are scheduled from July 26 to August 11, followed by the Paralympic Games.
Amid escalating geopolitical tensions between Iran and Israel, Indian tea and basmati rice exporters have decided to halt exports to Iran, Israel, and other Middle Eastern countries. The tension surged between the two countries following Israel’s strike near Iranian nuclear facilities in Isfahan, seen as a retaliatory move.
Anticipating further unrest in the region, exporters have decided to withhold shipments to the area.
We no longer ship teas to Iran, said Anish Bhansali, managing partner of Bhansali & Co., one of the largest exporters to that country. It doesn’t seem like the geopolitical situation will get better anytime soon. Shipping companies are going to avoid the area until things get better.”
“We anticipated shipping 40–45 million kilogrammes of tea to the Gulf country this year. The first purchase of the new season teas by Iran gave us hope,” said Asian Tea Company director Mohit Agarwal.
Iran also imports basmati rice from India, adding to the array of agricultural commodities exchanged between the two countries. In the fiscal year 2024, India exported one million kg of basmati rice to Iran, constituting a portion of its total exports of 4.9 million kg.
Gautam Miglani, the managing partner of LRNK, a basmati rice exporting firm based in Haryana with a 50-year legacy, stated, “We’ve suspended our exports and are refraining from accepting future orders due to the prevailing geopolitical tension.”
The Iranian port serves as a transit point for Middle Eastern countries and Turkey. Previously, 5-6 ships arrived from the Iranian port. However, the number has now been reduced by half. The wait time at the Indian port has increased for basmati rice exporters. Furthermore, insurance companies are reluctant to give coverage for exports to Iran. So there’s no use in exporting rice right now. “The industry is in wait-and-see mode.”
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