Final Report Relating To The Lion’s Acquisition Of Fermentum.

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The ACCC's merger assessment (investigation material) examined Lion Pty Ltd's proposed acquisition of independent brewer Fermentum Pty Ltd, completed on 4 November 2021 after 31 days of review. The Australian beverage sector transaction involved overlaps in beer, cider, seltzer, and kombucha markets. Although initially concerned that Fermentum's popular Stone & Wood craft beer brand combined with Lion's extensive portfolio (XXXX, Tooheys, James Squire, Little Creatures) could substantially lessen competition, the ACCC ultimately concluded the acquisition raised no competition concerns. Market feedback indicated the competitors were not close rivals, with Asahi/CUB and independent breweries presenting stronger competition to Fermentum. The ACCC noted Australia's expanding craft beer sector with over 600 breweries and growing independent supply capacity, which would maintain viable alternatives for retailers and pubs seeking independent craft beer post-acquisition.