Banks Holdings Limited (BHL), one of Barbados’ leading beverage conglomerates, has officially joined the Coca-Cola family following a US$186 million acquisition involving multiple Caribbean companies.
On August 1, BHL chairman Luis Alvarez and country manager Shafia London confirmed that Coca-Cola’s KOSCAB Holdings Ltd acquired majority ownership of SLU Beverages Ltd on July 31. SLU Beverages, previously part of global beverage giant Anheuser-Busch InBev SA/NV (AmBev), is the majority shareholder of BHL, Barbados Dairy Industries Limited (Pine Hill Dairy), Banks (Barbados) Breweries Limited, Banks Distribution Limited, and St Vincent Brewery Limited (SVBL).
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In a message to employees, KOSCAB Holdings CEO Carlos Diaz described the acquisition as “the start of a significant new phase” for the business, highlighting a refreshed vision, strategic focus, and operational innovation while maintaining continuity for customers and employees.
According to AmBev’s August 1 filing with the United States Securities and Exchange Commission (SEC), the company’s subsidiary Cervecería Nacional Dominicana (CND) signed a share purchase agreement with KOSCAB, transferring its 61.83% stake in SLU Beverages in exchange for an estimated minimum of US$186 million, payable in up to five tranches by 2028. The first two tranches were paid before the July 31 transfer.
Diaz stated that the move aligns with KOSCAB’s strategic plan to consolidate franchise bottling operations and diversify its beverage portfolio to meet evolving consumer preferences. He noted that the Caribbean presents “substantial opportunities” for expansion, with BHL and SVBL regarded as valuable additions to the company’s long-term vision of becoming a comprehensive beverage provider.
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Under the agreement, BHL and SVBL will operate as independent entities while integrating best practices in operations, product innovation, and service delivery across KOSCAB’s network. London has been appointed general manager for both companies under the new ownership, overseeing daily operations and management.
“We welcome this transaction and the sustained investment in our production facilities,” London said. “By strengthening production capabilities and commercial operations, we aim to deliver enhanced services to customers, foster market growth, and contribute to the socio-economic development of communities in Barbados and St Vincent.”
KOSCAB plans to invest in advanced distribution systems to improve efficiency, service quality, and product variety. The acquisition also strengthens the regional presence of popular brands including Pine Hill, Banks, Hairoun, Wadadli, Kubuli, and Coca-Cola products.
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