KEAN bottled off to property investors

After 74 years as a leading juices and soft drinks manufacturer, Cypriot firm KEAN has sold its business to Limassol-based real estate investors Prime Property Cyprus for an undisclosed fee which market sources estimate at EUR 82 mln.

Ever present in the island’s HORECA sector, KEAN drinks are found everywhere, from supermarkets to traditional coffee shops and five-star hotels. The Cypriot juice maker confirmed that it had reached an initial agreement to sell the entire business to bbf, Prime Property Cyprus’ international brand, without going into the details of the deal.

Celebrating 74 years in the industry this year, KEAN sells to more than 50 countries across five continents, with China top of the list.

Some 25% of the company’s EUR 40 mln operation cycle is related to exports of juices in TetraPak, juice concentrates, soft drinks and squashes from citrus fruits to the EU and third countries. KEAN has more than 25% market share of local juices and citrus fruits-based soft drinks.

In recent years, the company has enhanced its presence in the HORECA industry by importing brands such as Heinz/Kraft, HP, L&P, Amoy, Vitalia, Farley’s Calvo (tuna and salads), Go Tan (noodles and sauces), Pellito Nuts and other food products.

According to media reports, providers and the company staff have been informed of the deal.

The new owners will keep all company staff without changing their employment contracts.

New owners bbf (build better future) is the international brand launched by Prime Property Group, which will lead the company’s development projects.

The company’s portfolio of premium and sustainable living spaces includes the recently completed high-end housing projects of Sky Tower and Eden Rock in Limassol.

They are working on a EUR 35 mln makeover of the historic Berengaria Hotel in Prodromos.

The renovation cost amounts to EUR 20 mln for the hotel, while EUR 15 mln will go for developing housing units and villas in the surrounding area.