Wednesday 16 April 2014

C&C to buy Tipperary Water manufacturer Gleeson Group for just over €12m

DRINKS company C&C has agreed to buy Tipperary Water manufacturer Gleeson Group for a little over €12m.

In a statement, C&C said the deal included taking on debt of around €44m.

As well as producing Tipperary and Finches soft drinks, Gleeson Group is the largest distributor of packaged long alcohol drinks (LAD) to pubs in Ireland.

The deal, which is being financed out of C&C’s existing facilities, gives them access to the distribution network and will be earnings accretive immediately.

Company chief executive Stephen Glancey was “pleased” to have done the deal.

“The acquisition has the potential to transform our existing Irish business through the addition of an extensive distribution network and the creation of an attractive, multi-beverage brand platform.

“Over the past three years, we have progressively diversified the our brand portfolio in Ireland from the single premium cider brand Bulmers to a broader range including Tennent’s, Caledonia Smooth and a number of beer agency brands.

“The acquisition of the Gleeson Group accelerates the re-shaping and diversification of C&C in Ireland,” he added.

C&C was up marginally in early trading at €3.99.

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