Sunday 20 October 2019

Cooley buyout could make Teeling almost €20m richer

Nick Webb

LEGENDARY corporate raider John Teeling and his family may net around €19.6m from the sale of Cooley Distillery to US whiskey company Beam in a near €75m deal.

Teeling's backers have also plenty of reasons to toast the Clontarf-based entrepreneur. The Cooley Distillery share register reveals a number of well-known faces, who are set for a major payoff when the deal closes.

Carton House owner Lee Mallaghan and his family will share around €6.6m from the buyout -- pitched at around €6.34 per share. Irish Life board member and NCB chairman Breffni Byrne has 80,000 shares according to the latest register. He'll bag about €507,000. John Hennessy, chairman of Anne Heraty's listed recruitment firm CPL Resources, will net around €21,000 from the deal.

Former AIB director Adrian Burke has shares worth around €317,000. FM104 radio boss Dermot Hanrahan is also a shareholder of the spirits company. Denis O'Brien's Thanehurst firm owns shares too, along with former Smurfit Stone boss Ray Curran.

Restructuring experts Pearse Farrell and Greg Sparks are both investors, as are Dougie Heather and Peter Lennon of the Lennon & Heather legal firm. Kevin Anderson, of the cinema owning Ward Anderson group, is a shareholder, as is banker Michael Semple and former hedge fund manager Bruce Ashmore.

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