UK: Britvic acquires C&C Irish soft drinks operations
Britvic has snapped up the soft drinks and distribution business of C&C Group in the Republic of Ireland and Northern Ireland.
The UK-based soft drinks company confirmed today (14 May) that it has bought the unit from the Irish firm for a cash consideration of EUR249.2m (US$337.5m). Among the brands sold in the deal are Ballygowan water, Cidona, MiWadi, and Energise Sport. Britvic also takes control of the rights to Pepsi and 7Up brands in the countries.
"This is a great opportunity to accelerate earnings growth and provides us with a leading position in the soft drinks markets in both the Republic of Ireland and Northern Ireland," said Britvic's CEO Paul Moody. The company is also keen to consider supply chain synergies as well as brand and product expansion and innovation, Moody noted. "This is an important acquisition for Britvic as we seek to grow the business both within the UK and by selective international expansion.
The deal is expected to be completed by the end of August, with Britvic retaining the senior management team of the unit. In the year to the end of February, the unit had net turnover of EUR269.9m and earnings before interest, taxation, depreciation and amortisation of EUR24.7m.
Britvic also said that it will issue its interim results next Monday (21 May), while noting that its performance in the carbonates market in the year so far has "improved".
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