George Steuart & Company Limited (GS&Co) is to acquire majority control of HVA Foods PLC, an exporter of innovative value-added tea.
The transaction, structured under the guidance of NDB Investment Bank, is a strategic move by the George Steuart Group to further expand its portfolio and commitment to the tea and FMCG sectors, locally and internationally.
GS&C will thus open its doors to innovative beverage segments such as iced tea, tea cordials, moringa teas and king coconut and aloe vera based drinks.
The Heladiv Tea Club will also no doubt complement the Group’s established F&B sector. Under its wings, GS&Co hopes to unlock group synergies to reduce redundancies and cost structures while capitalising on economies of scale in its tea and FMCG sectors. Chairman of GS&Co, Dilith Jayaweera said, “We are delighted that another globally-recognised local brand will become a part of the George Steuart family, allowing us to push the boundaries of success across the tea and FMCG industries. This move also represents our commitment to driving the local manufacturing industry, adopting newer, diverse value-added products that meet the ever-changing needs of local and global consumers.”
Founder Chairman, HVA Foods PLC, Rohan Fernando said, “Since 1990, we have taken pride in challenging convention and making the traditional beverage of tea a more versatile product.
Being the first iced tea brand in the country, we led the march in inspiring traditional tea exporting concerns to become relevant in the new age.”