BGEO acquires Georgian craft beer company

BGEO Group announced on Thursday that its banking business subsidiary, JSC Bank of Georgia, has acquired a 100% equity stake in Georgian craft beer business Black Lion.

Black Lion, the largest producer of premium craft beer in the nation, sold 300,000 litres of craft beer in 2017, primarily to restaurants and bars in the Tbilisi area, but has the production capacity to brew almost three million litres of the amber nectar every year.

Irakli Gilauri, BGEO's chief executive, said "I am delighted to announce the successful acquisition of Black Lion. With this acquisition, our beverage business will have a significant presence in the fast-growing craft beer market, with an outstanding product with a high quality, well-recognised brand."

BGEO highlighted Black Lion's complimentary nature to its existing beverage products portfolio.

As of 0829 GMT, shares fell 18p to 3,504p.