TENNENT’S owner C&C Group has snapped up one of Ireland’s largest drinks distributors in a deal with an enterprise value of €58 million (£46.8m).
The Dublin-based firm will pay €12.4m in cash for Gleeson Group and take on the distributor’s €45.6m debt. Irish broker Davey said the deal did “not look expensive”.
The County Tipperary-based distributor, which has a network of 11 depots serving the Irish on-trade, produces Tipperary Water and a range of Finches soft drinks.
It distributes Guinness stout and is Ireland’s largest wholesale supplier of packaged beer. The deal does not include the company’s cider business nor its
Merry’s cream liquer brand, which will remain with the
seller of the business, Pat
Stephen Glancey, C&C’s chief executive, said the acquisition has “the potential to transform our existing Irish business”.