Drinks manufacturer C&C Group has agreed to acquire The Gaymer Cider Company from Constellation Brands for £45 million.
Drinks manufacturer C&C Group has agreed to acquire The Gaymer Cider Company from Constellation Brands for £45 million.
The Gaymer Cider Company produces cider in the UK and owns brands including Blackthorn, Olde English and Gaymers. The Somerset-based company employs some 250 people and generated sales of £64 million in the year to February. The deal will be financed by a new bank facility worth £60 million.
Tony O’ Brien, chairman of C&C, said: ‘The acquisition enhances our product portfolio, creates operating synergies and delivers value for our shareholders.’
In the six months ending August, Dublin-based C&C reported a decrease in revenue of 10.5 per cent to €257.5 million (£234.6 million), while operating profits were down by 13.6 per cent to €57.4 million.
