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C&C Acquire Tipperary Water Manufacturer Gleeson Group

Cider and beer manufacturer C&C Group plc has acquired the Tipperary Water manufacturer, Drinks Supplier and Distributor Gleeson Group, for a reported €12.4m.

In a statement, C&C said the deal included taking on debt of around €44m with €4.4m of the agreed price deferred for one year. Existing debt is €45.6m.

As well as producing Tipperary Water (latter bottled at source in the village of Borrisoleigh, Co Tipperary) together with Tipperary and Finches soft drinks, Gleeson Group is currently the largest distributor of packaged long alcohol drinks (LAD) to pubs in Ireland.

This deal, which is being financed out of C&C Groups existing facilities, gives them immediate access to this distribution network.
C&C were up marginally, at €3.99, in early morning trading.

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