Arnaud Lagesse’s Phoenix acquires $80 million stake in Seychelles Breweries from Diageo

Key Points

• Phoenix Beverages acquires 54.4% stake in Seychelles Breweries for around $80 million, strengthening its presence in the Indian Ocean region.
• Diageo retains rights to key brands like Guinness and Smirnoff RTDs, continuing local licensing under a new long-term agreement.
• Phoenix expands beyond Mauritius, previously acquiring a 28.15% stake in Africa Originals to boost East African presence.

Phoenix Beverages Group, led by Mauritian business magnate Arnaud Lagesse, has taken a major step in expanding its footprint in the Indian Ocean by acquiring a 54.4 percent stake in Seychelles Breweries Limited for around $80 million. The deal was struck with British multinational Diageo Plc, marking a new chapter in their long-standing partnership.

The agreement strengthens the relationship between Diageo and Phoenix Beverages—a subsidiary of the Mauritius-based IBL Group, controlled by the influential Lagesse family. It also reflects Diageo’s ongoing efforts to streamline its global operations and build a more focused, long-term growth strategy for the Indian Ocean region.

Phoenix buys stake, Diageo retains rights

As part of the deal, Diageo will continue to own its flagship brands produced by Seychelles Breweries, including Guinness and Smirnoff RTDs. These will be licensed to the local company under a new long-term licensing and royalty agreement. Diageo will also retain control of in-market distribution through IPS. Seychelles Breweries will remain listed on the Seychelles Stock Exchange, with the deal expected to close by June 2025.

Reacting to the development, Dayalan Nayager, President of Diageo Africa and Chief Commercial Officer, said: “I’m excited to extend our partnership with Phoenix Beverages, a trusted ally in the Indian Ocean for many years. This move will help unlock more value for Seychelles Breweries and support our shared goal of delivering sustainable growth.”

Phoenix Beverages Chairman Arnaud Lagesse echoed this sentiment, calling the acquisition more than just a business transaction: “At Phoenix Beverages, we view acquisitions as key milestones, not just for business expansion but for shaping our future. This investment in Seychelles Breweries fits perfectly with our ‘IBL Beyond Borders’ strategy. It’s not just about scaling up—it’s about creating opportunities for the next generation and making an impact across the region.”

Phoenix strengthens regional beverage reach

Founded in 1931, Phoenix Beverages has grown into one of Mauritius’ leading FMCG companies, known for its wide range of alcoholic and non-alcoholic products. The group is the licensed bottler for both The Coca-Cola Company and Diageo in Mauritius and is especially recognized for its beers, spirits, soft drinks, juices, and bottled water.

But Phoenix Beverages isn’t just focused on its home market. While continuing its long-standing partnership with Diageo in Mauritius, where it produces well-known brands like Guinness and Smirnoff Ice, the company has been steadily looking beyond the island for growth.

As part of its push into East Africa, Phoenix Beverages completed the acquisition of a 28.15 percent stake in Africa Originals Limited in March 2024. The Nairobi-based company is behind Savannah Brands, known for popular drinks such as Kenyan Originals Alcoholic Fruit Cider, Gin, Iced Tea, and Tonic.