MingZhu Logistics to Acquire Alliance Liquor
February 22, 2023 at 2:13:47 AM
MingZhu Logistics Holdings Limited ("MingZhu" or the "Company") (NASDAQ: YGMZ), an elite provider of logistics and transportation services to businesses, announced it has entered into a non-binding memorandum of understanding to acquire Guizhou Alliance Liquor Management Co., Ltd. (formerly known as Guizhou Minzusheng Liquor Co., Ltd., hereafter "Alliance Liquor"), a China-based distributor of Baijiu. The companies plan to further invest in and develop a commercial liquor distribution business across China.
The acquisition is part of Mingzhu's previously announced strategic plan, under which the Company announced its intention to expand into the commercial liquor distribution market given the synergies and adjacency to its existing business. This initially included cooperating with a China-based distributor of Baijiu and other spirits to enhance its commercial liquor distribution business across China, subject to final agreement. The Company was also evaluating distribution of its own series of Premium Chinese Baijiu, along with a broader portfolio consisting of spirits from other third party producers, which it currently plans to brand as the Alliance of Baijiu.
Alliance Liquor is a liquor distributor that focuses on distributing Baijiu brewed in Maotai town, Guizhou. Baijiu is considered to be China's national drink and is the dominant spirits sold in the domestic China market, with the "white liquor" a normal staple at occasions from family gatherings to business banquets while the Maotai town is the most well-known origin of Baijiu. Under the agreement, once the acquisition is completed, Alliance Liquor will develop its own Baijiu brand and high-end liquor customization OBM (Original Brand Manufacturer) services.
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