The Dublin-based C&C Beverage Group, owners of Irish cider Magners, have purchased the the Vermont Hard Cider Company, the makers of Woodchuck Cider, for $305 million.
The New York Times reports on the new acquisition for the Irish C&C Group. With the new purchase, C&C Group will come into ownership of Woodchuck Cider, the largest cider brand in the US, and one of the Irish brand’s rivals.
Looking to expand in the US, C&C Group will be adding Woodchuck Cider to their catalog of beverages including Magners, Bulmers and Gaymers.
Stephen Glancey, C&C chief executive, said “This transaction transforms our international cider business and accelerates our growth prospects.”
Last year, Vermont Hard Cider had a pretax profit of $10 million, and is predicting a 50 percent growth for 2012 to $15 million, according to a statement from the company.
C&C said it would finance the deal for Vermont Hard Cider through existing cash reserves and bank loan facilities and that the deal is expected to close early next year.
Most popular Irish baby first names in the United States