Bottoms Up: Cooley Distillery sold to US firm in deal worth €71m
Published 16/12/2011 | 12:53
COOLEY Distillery, the company founded by chairman John Teeling, has been sold the a US firm in a deal worth about $95m (€71m).
Beam, which owns brands like Canadian Club whiskey, Courvoisier and Teacher’s, will use the growing global interest in Irish whiskey to push Cooley products.
They include Kilbeggan, Connemara, Tyrconnell and Greenore brands – it currently sells around 250,000 nine-litre cases of whiskey annually.
Mr Teeling said today that Beam would help Cooley to reach its potential.
The volume of Irish whiskey sold last year grew by 11.5pc with leading markets in the US, Ireland, France and Britain.
"Cooley is one of only three sources for Irish whiskey, and the only independent player, so this transaction is a unique and compelling high-return opportunity to enter one of the industry's highest growth categories," said Matt Shattock, president and chief executive officer of Beam.
The deal is conditional on a majority of shareholders taking up the cash offer.