21 Dec 2018

Craft beer company buys top restaurant group

6:01 pm on 21 December 2018

Craft beer company Moa is buying a host of top Auckland restaurants, as it looks to expand outlets and boost sales.

Fine dining generic

Savor owns the restaurants Ostro, Seafarers, Ebisu, Azabu and Fukuko (file pic) Photo: 123RF

The company said it will buy the Savor Group for $13 million, for a mix of cash and shares.

"While we have seen strong growth in supermarkets, a vital channel for us to add is bars and restaurants. These will add greater volume, present our brand to the right audience and create a true Moa experience, " chief executive Geoff Ross said.

Savor owns the restaurants Ostro, Seafarers, Ebisu, Azabu and Fukuko, as well as some hospitality venues on a waterfront site which will become the America's Cup village in 2021.

Another $5.4m will be paid to Savor within two years if the restaurants reach undisclosed growth targets.

Moa said the deal is expected to add $3.6m of earnings to earnings in the coming financial year, and fast-track it to profitability.

It would strengthen its beer brand as well as diversify its activities, Mr Ross said.

"We not only see the opportunity to grow the Moa brand but also to further build hospitality venues together."