IRELAND: C&C Group sells FindlaterGrants
Ireland's C&C Group has sold its FindlaterGrants wine and spirits distribution business in Ireland to DCC, in a deal worth nearly EUR10m (US$14.2m).
DCC, a business services group, said today (16 September) that it plans to merge FindlaterGrants with its current wine distribution arm, Woodford Bourne.
The move is set to create one of the largest wine and spirits distribution businesses in Ireland, with an estimated annual revenue of EUR50m, said DCC chief executive Tommy Breem.
The firm said it had paid EUR9.6m for FindlaterGrants, including a EUR1.5m goodwill payment. The business, which distributes to off licences, supermarkets and restaurants in Ireland, reported flat revenue of EUR33m in the 12 months ended 28 Fenruary this year.
C&C Group CEO Maurice Pratt said he was "pleased" to have completed the transaction. Falling cider sales have put C&C under pressure to cut costs and boost its bottom line. It said sale proceeds would be used for "general corporate purposes".
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