C&C releases details of share offer
Investors were today preparing to tuck into food and drinks manufacturer C&C Group when it makes its debut on the London market later this month.
Details of C&C’s share offer were released to investors today, two years after the group scrapped plans to float due to falling stock markets.
The maker of Ballygowan mineral water, Club Orange, Bulmers Cider and Tayto crisps has been valued at €800m and will also be listed on the Dublin stock exchange.
The listing will bring a windfall of €11m for senior managers led by chief executive Maurice Pratt.
They will also retain a 4.7% share in the business.
Mr Pratt said proceeds from the flotation would help the group consolidate its market share, adding: “We view the prospects of C&C Group with confidence.”
London-based private equity group BC Partners, which currently owns around 90% of the company, will keep a 37.6% stake.
In addition to its own snacks and drinks, C&C Group also distributes global brands such as 7Up and Pepsi and a range of wines and spirits within Ireland.
C&C owns the Bulmers cider brand in the Republic of Ireland and sells the product as Magners in Northern Ireland and the US.
The group generates 72% of its revenues from operations in Ireland, 18% in the UK and 10% in the rest of the world.
C&C was formerly known as Cantrell & Cochrane and was established in 1968.
It was acquired by sprits giant Allied Domecq in 1998 and bought by BC Partners, co-investors and management in 1999.
The company, which employs around 2,000 staff, has its main manufacturing and distribution sites in Cork, Dublin, Clonmel in Co Tipperary and Newcastle West in Co Limerick.
Its other brands include Tullamore Dew Irish whiskey, Carolans Irish Cream and Irish Mist liqueur.
During the year to February 29 it generated revenues of €781.7m and underlying profits of €147m.
