The liquor of Qufu Confucian Family Wine Company. (File photo/Courtesy by Qufu)
The liquor company of Legend Holdingss, China's investment company, has announced the acquisition of the country's Qufu Confucian Family Liquor Company for 400 million yuan (US$63 million).
The liquor company has three liquor subsidiaries, including Qufu Confucian Family Liquor Company. Qufu, which is a liquor brand in China's northern province of Shandong, currently stores more than 8,000 tons of 10-year liquor.
Legend Holdings has started contacting with Qufu since March and decided to acquire 100% of stakes in Qufu on September 15.
Legend Holdings said that the company will invest in Qufu's personnel, capital, management and marketing and reorganize Qufu to promote its market share and brand.
Before the deal, Legend Holdings bought 39% of stakes in Hunan Wuling Liquor Company for 130 million yuan (US$20.6 million) and invested 1 billion yuan (US$158 million) in purchasing 87% of stakes in Hebei Chengde Qianlongzui Liquor Company within the last one year.
The company reportedly is continuing trying to expand its liquor business, including potential targets such as Shandong Wendengxue Liquor Company.
Qiu Zhenxin, chairman of Qufu, said that the company had kept a growth of 100% for three years after 2007. The company sales reached to 500 million yuan (US$79 million) last year.
Legend Holdings 聯想控股