Striking yet another deal, C Sivasankaran-promoted Siva Group has acquired 50% stake in Isklar, a Norwegian glacial natural mineral water company. Siva Group, the $3-billion diversified global conglomerate with interests in verticals such as telecom, wind energy, shipping & logistics, commodity trading, hospitality & realty and agro business, closed the transaction for $22 million through a 50:50 joint venture with Sabco, the West Asia?s key water brand from Oman & Jova Holdings, whose owners are also involved in a big Norwegian shipping and logistics company.
Siva Group chief executive officer Vaidyanathan Srinivasan said, ?Siva Group has always believed in spotting business opportunities ahead of time and further enhancing the value of the business it has entered. The current acquisition reinforces the vision of Siva Group and we will look forward to expand operations of the brand in other international markets.?
Riding on the early success of Isklar brand, Siva Group will further strengthen and consolidate its position in the international consumer space, he added.
Isklar is a pure Norwegian glacial natural mineral water launched in the UK in April 2008 and in its home market in February 2009. Presently, in the UK, the brand is sold via three of the main retailers ?? Tesco, Sainsbury?s and Waitrose, two of the largest convenience chains ?? Londis and Nisa and two key forecourt chains ?? Esso and Total ?? representing a large proportion of the take home water market. It is also available in high-end department stores such as Harrods and Wholefoods.
In its home market, Isklar is also sold through major convenience and forecourt chains, including Narvesen, 7-Eleven, Deli de Luca, Shell, Esso and Statoil.
Sabco Group director Saibal Sen said, ?Isklar is a unique brand and a unique business to be part of. We are committed to making the brand an international success and have found in the Siva Group the same level of ambition and dedication necessary to achieve to our overall mission. We look forward to many successful years ahead.?
Commenting on the deal, Jova Holdings chief executive officer Johan G Hvide said, ?We spent a lot of time and effort finding the right water and building a strong and differentiated brand that we are proud of. The success we have already enjoyed in the UK and Norway is testament to the strength and potential of the brand. We are delighted to welcome Siva Group on board as they share the same vision and attitude that will help build Isklar an international success.?