At a Glance
- Phoenix Beverages acquires 54.4% stake in Seychelles Breweries in $80 million deal.
- Diageo exits Seychelles to focus on larger African markets and brand partnerships.
- IBL Group expands regional footprint across Indian Ocean consumer markets.
Seychelles Breweries Ltd., once the largest company listed on the Seychelles Stock Exchange, has entered a new phase in its corporate story.
The maker of the country’s flagship Seybrew lager now has a new majority owner after Diageo sold its controlling stake to Phoenix Beverages, a subsidiary of Mauritius-based conglomerate IBL Group.
The deal, valued at about $80 million, gives Phoenix Beverages a 54.4 percent stake in Seychelles Breweries.
It ranks among the most notable corporate transactions in the island nation in recent years and underscores the growing economic links between Mauritius and Seychelles. The move also places IBL Group at the center of a fast-growing consumer market in the Western Indian Ocean.
A change in ownership
For nearly 30 years, Seychelles Breweries operated under the ownership of British beverage giant Diageo, which upgraded its facilities and diversified its portfolio to include soft drinks and spirits alongside beer. But as Diageo repositions its African operations, it has been selling certain regional assets to focus on larger growth markets and brand partnerships.
Its exit from Seychelles follows similar sales in Cameroon, Ethiopia, and Namibia. Still, Diageo’s presence will remain on the islands through a long-term licensing and royalty agreement that allows Seychelles Breweries to keep producing Guinness, Smirnoff, and other Diageo brands locally.
Phoenix Beverages and IBL’s expanding footprint
Phoenix Beverages, listed on the Stock Exchange of Mauritius, is one of the region’s leading producers of beer, bottled water, and soft drinks. Its parent company, IBL Group, is Mauritius’s largest conglomerate, with interests spanning retail, logistics, energy, healthcare, and finance.
For IBL, acquiring Seychelles Breweries aligns with its plan to deepen its regional presence through targeted acquisitions. “This move allows us to grow faster than organic expansion alone would permit,” said Arnaud Lagesse, chairman of Phoenix Beverages and Group CEO of IBL Ltd. “Strengthening our position in Seychelles supports our long-term growth goals and adds value for all stakeholders.”
The acquisition also reflects IBL’s ambition to connect African and island economies through integrated business platforms. For Seychelles Breweries, joining the IBL network brings new technical support, broader distribution channels, and potential investments in sustainability and innovation.
Commitment to sustainability and community
Both companies say sustainability and local engagement remain central to their plans. Phoenix Beverages has rolled out solar power systems, recycling programs, and water conservation measures in Mauritius—initiatives that are expected to extend to Seychelles. These efforts mirror the Seychelles government’s push for greener industry practices.
The Seybrew brand, a source of national pride, will continue to be brewed locally, with Seychellois staff and suppliers maintaining a key role in the company’s future. Both sides emphasize that strengthening local participation and improving production quality remain top priorities.
Turning point for Seychelles market
The acquisition marks a turning point not only for Seychelles Breweries but also for the island’s capital market. Once the most valuable stock on the local exchange, the company’s transition under IBL ownership could reignite investor interest in a bourse that is gradually finding its footing.
For IBL Group, the deal reinforces its growing influence as a regional powerhouse linking Africa and the Indian Ocean economies. For Seychelles Breweries, it represents both continuity and renewal — a chance to modernize with new backing while preserving a brand that remains woven into the country’s identity.
As integration continues, attention will turn to how Phoenix Beverages delivers on its sustainability pledges and ensures that Seybrew remains a proud symbol of Seychelles for years to come.
