UK/US: C&C Group to acquire Vermont Hard Cider Company
C&C has agreed to acquire Vermont Hard Cider Company
C&C Group has agreed a deal to acquire US-based craft cider producer Vermont Hard Cider Company.
The deal, announced earlier today (23 October), will see C&C spend US$305m on the company. The transaction remains subject to regulatory clearance.
The group's CEO Stephen Glancey said: "This transaction has the potential to transform our international cider business and accelerate the growth of C&C." The "conditional" agreement was revealed as C&C announced a slide in first-half profits and sales, despite a strong performance by its international operations.
However, Glancey added that the deal is subject to anti-trust clearance in the US. "We will need to wait before we can welcome the talented Vermont Hard Cider Company team to the C&C Group and accelerate initiatives to capitalise on the dynamic growth of cider in the US," he said.
Vermont produces Woodchuck Hard Cider, one of the US' leading hard cider brands. It also currently distributes Strongbow in the US for Heineken, but this will switch in-house to the Dutch brewer from next year, following an announcement in August.
Meanwhile, C&C also announced today it has appointed MD of its international division, Joris Brams, to the group's board of directors with immediate effect. Brams joined C&C in February this year in the newly-created role of international MD. He joined the firm from Belgium-based bakery supplier Puratos group, but was previously group technical and development director at Scottish & Newcastle.
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