George Steuart & Company Ltd. (GS&Co) yesterday (2) announced its intent to acquire majority control of HVA Foods PLC, one of Sri Lanka’s fast growing and innovative value-added tea exporters.
“Established in 1835, George Steuart & Co is the oldest mercantile establishment in Sri Lanka; it is today one of the fastest expanding conglomerates in the country with diverse business holdings across a plethora of industries. HVA Foods PLC, which is a dynamic player in the global tea market with its flagship brand Heladiv, is known for redefining tea as a beverage, transcending orthodox tea preparations by innovating contemporary tea-based products,” George Steuart said in a press release.
The company said the transaction, structured under the guidance of NDB Investment Bank, is to further expand its portfolio and commitment to the tea and FMCG (fast-moving consumer goods) sectors, both locally and internationally. This envisaged addition will expand its global reach, export volumes, as well as its brand portfolio to include brands such as Heladiv, Infini-t, and Tea Plus. This will add innovative beverage segments such as iced tea, tea cordials, moringa teas, and king coconut/aloe vera-based drinks to the George Steuart portfolio.
Commenting on the new acquisition, GS&Co Chairman 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 requirements of both local and global consumers.”
HVA Foods PLC Founder/Chairman 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. We emphasised the importance of research and development by setting up a dedicated research and development laboratory, which was the first of its kind in the industry. Today, we are confident that this strategic acquisition by GS&Co will propel Heladiv into the new global vistas that the brand deserves. It is only through consolidation of likeminded companies and brands with global potential that the Sri Lankan tea industry can reposition itself to its former glory – as the leading tea exporter to the world. Continuity and next-generation leadership is what our industry needs. I am very happy and keen to see Heladiv go from strength to strength under the GS&Co global banner.”
Founded in 1835 by Captain James Steuart and his brother George, GS&Co operated an agency house that became a foremost exporter of Ceylon coffee. With the coffee industry ravaged by blight in the 1870s, the Steuart brothers were at the frontlines of Ceylon’s plantation industry making the transition to tea, and was soon managing the largest acreage of tea in the country. In 1975, it faced the nationalisation of its assets; undeterred, the company set forth to re-establish its eminence in tea while expanding its footprint into healthcare, travel, leisure, insurance broking, financial services, industrial solutions, and FMCG.
The company said the transaction, structured under the guidance of NDB Investment Bank, is to further expand its portfolio and commitment to the tea and FMCG (fast-moving consumer goods) sectors, both locally and internationally. This envisaged addition will expand its global reach, export volumes, as well as its brand portfolio to include brands such as Heladiv, Infini-t, and Tea Plus. This will add innovative beverage segments such as iced tea, tea cordials, moringa teas, and king coconut/aloe vera-based drinks to the George Steuart portfolio.
Commenting on the new acquisition, GS&Co Chairman 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 requirements of both local and global consumers.”
HVA Foods PLC Founder/Chairman 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. We emphasised the importance of research and development by setting up a dedicated research and development laboratory, which was the first of its kind in the industry. Today, we are confident that this strategic acquisition by GS&Co will propel Heladiv into the new global vistas that the brand deserves. It is only through consolidation of likeminded companies and brands with global potential that the Sri Lankan tea industry can reposition itself to its former glory – as the leading tea exporter to the world. Continuity and next-generation leadership is what our industry needs. I am very happy and keen to see Heladiv go from strength to strength under the GS&Co global banner.”
Founded in 1835 by Captain James Steuart and his brother George, GS&Co operated an agency house that became a foremost exporter of Ceylon coffee. With the coffee industry ravaged by blight in the 1870s, the Steuart brothers were at the frontlines of Ceylon’s plantation industry making the transition to tea, and was soon managing the largest acreage of tea in the country. In 1975, it faced the nationalisation of its assets; undeterred, the company set forth to re-establish its eminence in tea while expanding its footprint into healthcare, travel, leisure, insurance broking, financial services, industrial solutions, and FMCG.