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.