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Warren Buffet signals drive into drinks
Billionaire investor Warren Buffett has moved into the drinks industry after his insurance and investment company Berkshire Hathaway inc agreed to buy US firm Empire Distributors, which distributes wine, beer and spirits in the states of North Carolina and Georgia.
The move signalled the start of a drive from Buffett to buy-up more high-end drinks wholesalers across the US.
Berkshire Hathaway acquired Empire’s parent company Kahn Ventures for an undisclosed fee.
Buffett, who was this month named as the world’s third-richest man with a fortune of US$47 billion, said: “We expect that the Empire acquisition will provide us with a solid platform for potentially acquiring other similar high quality wholesale distributors.”
Empire distributes drinks such as Maker’s Mark bourbon, Jagermeister and Samuel Adams beer.
The move by Buffett will be encouraging for the US market, with Buffett known to be exceedingly cautious when it comes to new investments.
The fact that he feels the time is right to invest in Empire signifies that he has fresh confidence in the US drinks market.
Alan Lodge, 24.03.2010