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