The Carlsberg Group has signed an agreement to sell Empresa Brasileira de Bebidas e Alimentos S.A., known as Britvic Brazil, to the family-owned Brazilian conglomerate Grupo José Augusto Vieira (Grupo JAV) for EUR 80 million (approximately USD 92 million). The transaction, announced on November 9, is expected to close by December 2026, subject to customary regulatory approvals. The disposal follows a strategic review of Carlsberg's Brazilian operations, which the Danish brewer acquired as part of its takeover of British soft drinks producer Britvic in January 2025 (inside.beer, 08.07.2024).
Although Carlsberg has not disclosed the detailed financial rationale behind the sale, its 2025 annual report provides important background. The company acknowledged that its Brazilian beverage volumes had declined because of weaker consumer demand and the rationalization of its product portfolio. Management was consequently examining ways to maximize the long-term value of the business. Brazil had accounted for approximately 9 percent of Britvic's total revenue in 2023, making it a relatively small part of the acquired international operations.
The divestment also reflects the geographical priorities of Carlsberg's broader beverage strategy. The primary motivation behind the Britvic acquisition was to combine beer and soft drinks operations, particularly in the United Kingdom, where the integration offers substantial opportunities for production, distribution and administrative synergies. Brazil, by contrast, was a largely standalone business without comparable integration opportunities. Selling the operation therefore appears consistent with Carlsberg's intention to concentrate its resources on markets where it can exploit an integrated beer and soft drinks platform. However, the company has not explicitly identified limited synergies as the reason for the disposal.
Britvic Brazil has a substantial presence in the Brazilian non-alcoholic beverage market. Its portfolio includes the established fruit juice and concentrate brands Maguary and Dafruta, the juice brand Bela Ischia, and the energy drink brands Flying Horse and Extra Power. Other products include the functional juice brand Juxx and the açaí smoothie brand Amazoo. Britvic established its Brazilian presence in 2015 through the acquisition of local juice producer Ebba and subsequently expanded through further acquisitions. The business operates four production facilities, two in Minas Gerais and one each in Ceará and Rio Grande do Sul, supported by a headquarters in São Paulo and a nationwide distribution network.
The buyer, Grupo JAV, is a diversified Brazilian family conglomerate headquartered in Lagarto, in the northeastern state of Sergipe. Its origins date back to the 1960s, when founder José Augusto Vieira began trading locally produced tobacco. A decisive expansion into the food industry followed in 1984 with the acquisition of a coffee roasting business that developed into the well-known Maratá brand. Over subsequent decades, the group diversified into fruit juices, sauces, seasonings, corn products, flour, packaging, agriculture and other industrial activities.
In January 2024, Grupo JAV completed the sale of its coffee and tea operations, including the Café Maratá and Chá Maratá brands, to Dutch coffee company JDE Peet's for EUR 682 million. The transaction marked an important restructuring of the family group's portfolio. However, Grupo JAV retained its other food and beverage operations, including Maratá Sucos do Nordeste, which has produced fruit juices and concentrates in Estância, Sergipe, since 2000. The acquisition of Britvic Brazil therefore represents a substantial expansion of an already established beverage business rather than an entry into a new industry.
By combining its existing juice operations with Britvic Brazil's production facilities, distribution network and nationally recognized brands, Grupo JAV will significantly strengthen its position in the Brazilian juice and non-alcoholic beverage market. The enlarged business will compete across several segments, including fruit juices, concentrates, nectars, functional drinks and energy drinks. Grupo JAV shareholder Frank Vieira described the transaction as a major milestone reflecting the group's long-term confidence in Brazil and emphasized the value of Britvic Brazil's brands, national market presence and experienced workforce.
For Carlsberg, the disposal does not represent a general retreat from non-alcoholic beverages. On the contrary, the brewer is accelerating its expansion into soft drinks through its growing partnership with PepsiCo and further bottling activities in Europe and Central Asia. In the third quarter of 2026, Carlsberg's beer volumes declined by 3.5 percent, while soft drinks and other beverage volumes increased by 8.5 percent. The company is consequently becoming increasingly dependent on non-beer categories to offset weakening demand in traditional beer markets (inside.beer, 29.10.2026). The Brazilian transaction illustrates a more selective approach to diversification, focusing on operations that offer stronger strategic synergies and earnings potential.
Nikos Kalaitzidakis, Carlsberg's Executive Vice President for Central and Eastern Europe and India, welcomed the agreement and expressed confidence that the Brazilian business would have a strong future under its new owner. BofA Securities is acting as exclusive financial adviser to Carlsberg and Britvic Brazil, while Brazilian law firm Lefosse is providing legal advice.
