Retail drinks and hotels business Endeavour Group has commenced trading on the ASX (Code: EDV). The listing follows Woolworths shareholders voting in favour of the demerger on 18 June.
Endeavour Group chair Peter Hearl said it marked the next chapter for the company. “On behalf of the entire Board, it is a privilege to be a part of such a milestone, and we welcome and thank our new shareholders for joining us on this journey,” he said.
Managing director and CEO Steve Donohue said it was a significant day for the company and its 28,000 employees.
“We are excited about the future as we continue to focus on growth and building on the successful platform we have in place through our portfolio of trusted retail brands, including Dan Murphy’s and BWS, as well as Australia’s largest portfolio of hotels including many Australian icons such as Brisbane's Breakfast Creek Hotel and the Young & Jackson Hotel in Melbourne.”
“Our teams are supported by our Pinnacle Drinks brand and manufacturing business, our industry-leading digital capabilities via EndeavourX, and the value of our ongoing partnership with Woolworths Group,” Donohue said.
Shares are expected to be transferred to eligible shareholders on 1 July, at which time commencement of trading on a normal settlement will occur.
It’s two years since Woolworths Group announced it was going to combine its drinks and hospitality businesses into a single entity and then separate it from Woolworths through a demerger.
Endeavour Drinks and the ALH Group became Endeavour Group. The merger will create Australia’s largest integrated drinks and hospitality business, it says. Endeavour Group will consist of 1500 BWS and Dan Murphy’s retail drinks outlets and 327 ALH hotels. ALH retail drinks outlets currently make up approximately 35 per cent of Woolworths Group retail drinks sales with 86 Dan Murphy’s and 512 BWS stores owned by ALH at the end of March 2019. Sales are expected to be around $10 billion and EBITDA1 of $1 billion.
Donohue was appointed CEO in January 2020 and the demerger put on hold in March due to COVID-19.
