Veritas buys bar owner for $31.2M, 4th purchase in 18 months; shares jump

Thu, 06 Nov 2014

By Tina Morrison Nov. 7 (BusinessDesk) - Veritas Investments, a food and beverage investor, agreed to buy The Better Bar Group of companies for $31.2 million in cash and shares, its fourth acquisition in 18 months. The shares rose after the announcement. The Auckland-based company said three quarters of the purchase price, or $23.4 million, will be paid in cash, funded by a facility of up to $25 million with ANZ Bank, with the remaining 25 percent funded through the issue of new Veritas shares. The acquisition will add $31 million of sale...

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