Carlsberg Britvic is to produce and distribute Sapporo Premium Beer in the UK as part of a tie-up between parent company Carlsberg Group and Sapporo Breweries in southeast Asia and Hong Kong.
The joint venture – which will be 75% owned by Carlsberg – also includes an agreement for the Danish brewer to produce and distribute Sapporo in Laos, Vietnam and Cambodia, as well as in Malaysia, Hong Kong and Singapore where it has sold Sapporo since 2024. In addition to the UK, Carlsberg Group will also hold the licence for Sapporo Premium Beer in Myanmar on a “long-term” agreement.
Sapporo would invest $643m in return for its 25% stake in the JV, Carlsberg Group said in a statement. The price represented a 2025 EBIT multiple of 21.3x, it said, adding it planned to use the funds to to repay debt and for “general corporate purposes”.
Carlsberg Group did not say when it planned to launch Sapporo in the UK. However, the addition of the Japanese lager was “highly complementary” to its portfolio in the JV markets, it said, adding its own “leading operational footprint in these markets” would help “build the Sapporo brand and enhance future growth”.
“The new joint venture and long-term strategic partnership add Sapporo’s premium Japanese brand to Carlsberg’s strong portfolio of local and international brands and route-to-market capabilities in southeast Asia and Hong Kong, enabling us to accelerate our growth ambitions in these important markets,” said Carlsberg Group CEO Jacob Aarup-Andersen. “We look forward to working with our new partner as we expand our combined business together across the joint venture markets and beyond, and begin an exciting cooperation in the UK.”
Sapporo Breweries CEO Hiroshi Tokimatsu added: “We’re proud to further strengthen our long-standing and successful collaboration with the Carlsberg Group through this strategic partnership. By combining the strong brand equity we have built with Sapporo Premium Beer and the Carlsberg Group’s outstanding business platform across Asia and Europe, we aim to deliver even more premium and attractive experiences to customers around the world.”
Bernstein analyst Trevor Stirling described the agremeent as “a pretty good deal all round”.
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