So, the man that probably has the most foresight in the world has decided to get into the alcoholic beverage business. Buffett has bought Southeast giant Empire Distributors. I am not surprised that Berkshire Hathaway Inc. have decided to get in on the fun. Now is the time to get in on the business and according Business Week's article,
“We expect that the Empire acquisition will provide us with a solid platform for potentially acquiring other similar high-quality wholesale distributors,” Buffett, Berkshire’s chairman and chief executive officer, said in a statement. Terms of the deal for Kahn Ventures Inc. of North Carolina weren’t disclosed."
Buffett is looking for ways to invest Berkshire’s cash after markets recovered last year and profits jumped. The 79- year-old billionaire, who built Berkshire through four decades of takeovers and stock picks, completed the biggest acquisition of his career last month with the $27 billion deal for railroad Burlington Northern Santa Fe Corp. Berkshire’s McLane unit, which had revenue of $31.2 billion last year, will own Empire.
Wow, this is huge, something is amidst in the beverage industry and Buffett is on top of it. Like I have been preaching for this whole economic meltdown, if you want to start a brand, do it now! And unless Buffett is off his rocker, this industry is poised for another huge upturn.
Check the article here.
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