William Grant snaps up C&C’s Irish assets
William Grant & Sons has entered into a binding agreement for the purchase of the shares and assets of C&C Group’s spirits and liqueur business for €300 million.
The purchase will include the C&C portfolio of Irish spirits and liqueur brands, Tullamore Dew, Carolans, Frangelico and Irish Mist.
The deal is subject to C&C Group obtaining shareholder approval for the disposal. Subject to that condition being met, William Grant & Sons expects expect the transaction to be completed on 30 June 2010.
There are no other conditions for the sale, although consultation will be carried out with the employees within the business and any others who might be affected by the transition.
Stella David, CEO of William Grant & Sons said: “William Grant & Sons has a rich history in Scotch whisky dating back to 1886, and we have been looking to further develop our non-Scotch portfolio.
“Irish whiskey is a natural fit and C&C’s spirits business provides a unique opportunity to acquire a number of significant brands and enter the highly desirable and dynamic Irish whiskey category.
“We shall make significant investment in Ireland and invest in the long-term value growth of the brands, including Tullamore Dew Irish Whiskey which, at 600,000 cases, and given its potential, will become a core global brand in our business,” she added.
The company also confirmed its commitment to building a strong business in Ireland and to maintaining and developing current operations across the Irish sites including C&C’s manufacturing site in Clonmel, Co Tipperary.
Alan Lodge, 05.05.2010