Philippe Jabre is a committed philanthropist who is proud to support a range of worthy causes, having established his own non-profit organisation, the Association Philippe Jabre. He is also an experienced business leader who has been credited with transforming the fortunes of Almaza, a Lebanese brewery that Philippe Jabre brought back into the family fold following a historic deal with the Heineken Group in 2021. In an interview with the Financial Times, Mr Jabre reflected on his investment in Brasserie Almaza, as well as sharing his thoughts regarding Lebanon’s future.
As Philippe Jabre highlighted, the crisis seen in Lebanon in 2021 was not the country’s first. Nor was it its worst. In the Financial Times interview, Mr Jabre expressed a desire to show others they should not give up on the country and that, despite its difficulties, people should continue investing in Lebanon.
In 2021, Philippe Jabre acquired a majority ownership of Almaza, bringing Brasserie Almaza – a company established by his grandfather, Michael Jabre, some 90 years ago – back under the family’s control. As a third-generation owner and manager of the company, Philippe Jabre restored Almaza to profitability, conserving its workforce. In addition to preserving jobs, Mr Jabre focused on industrial heritage and continuity, drawing on his considerable business leadership skills to establish Almaza as a real-world anchor, maintaining local know-how and driving economic growth in local communities and Lebanese society.
Having acquired a majority ownership stake from the Heineken Group, Philippe Jabre, a Geneva-based investor, hedge fund and personal wealth management company manager, preserved the historic Dora brewery and production site, retaining exclusive distribution sales rights of the Heineken brand. Leading beer brands produced by Almaza include REX, Almaza, Almaza Special Dark, Almaza Light and the Lazia non-alcoholic beer range. It is also a distributor for the Heineken brands.
Philippe Jabre’s 2021 acquisition from the Heineken Group increased the Jabre family’s ownership stake in the company from just 12.5% to over 70%. Neither party disclosed the financial value of the acquisition. The Bocti Group, which formerly held an ownership stake of circa 17%, also exited the company at this point.
Philippe Jabre’s grandfather co-founded the Almaza brewery in 1933, joining forces with two other family members along with two other stakeholders. At that time, the combined stake held by members of the Jabre family was reportedly 60%.
As part of the 2021 sale, the Heineken Group retained a minority stake in Almaza, having spent the last two years considering exiting the company due to challenging economic circumstances in Lebanon. Back in 2003, the Heineken Group increased its shareholding in the company to 89%, acquiring an additional 69% of shares in Almaza in a deal estimated to have been worth somewhere in the region of $25 million. The Heineken Group will continue to provide Almaza with access to international brands, as well as technical expertise.
Post-acquisition, Almaza expressed a commitment to retaining its current management team along with the company’s direct workforce of 175 employees. Leadership indicated that the company may need to expand, hiring new employees to keep pace with booming activities in product development and marketing as well as exports, which were predicted to double. Naji Nacouzi was appointed as the new general manager of Almaza, having previously served as a senior manager at both Almaza in Lebanon and Heineken in North African.
Following his acquisition, Philippe Jabre indicated that Almaza needed no new investment at that point in time, with zero debt and an existing cash flow sufficient to finance its operations. In an interview, Mr Jabre explained that the Jabre family had always remained involved in the Almaza brewery and were committed to the company founded by his grandfather and relatives in 1933. He cited the family’s priority as ensuring a sustainable long-term future for Almaza and maintaining the Lebanese brand, institution and legacy.