Thursday 19 January 2017

C&C agrees to sell spirits unit for €300m

Louisa Fahy

Published 30/04/2010 | 10:12

C&C Group, the maker of Magners cider, agreed to sell its spirits and liquors business to William Grant & Sons Holdings Ltd for €300m as it focuses on its cider and beer brands.

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Proceeds from the sale of the unit, which includes Tullamore Dew whiskey and Carolans Irish Cream, will help reduce debt, the company said today in a statement.

C&C is focusing on so-called “long alcoholic drinks” such as Tennent’s beer, which it acquired in September.

Also this year, the company bought the UK cider assets of Constellation Brands Inc for £45m (€52m). William Grant is a UK-based, family-owned distiller whose brands include Glenfiddich single malt whisky.

“The group intends to reduce debt and invest to support the continued development of a cider-led long alcoholic drinks portfolio,” C&C Chief Operating Officer Stephen Glancey said in the statement.

C&C in November appointed three former Scottish & Newcastle Plc managers including Glancey and Chief Executive Officer John Dunsmore to try and reverse a decline in cider sales.

C&C was advised on the transaction by Rothschild.

Bloomberg

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