C&C Group PLC , a manufacturer of branded cider and beer, Thursday announced that it has conditionally agreed to acquire the Gleeson Group, a supplier and distributor of beverages in Ireland, for 12.4 million euros in cash.
-To acquire M J Gleeson Investments Limited and its units from a holding company owned by Pat Cooney and members of his family.
-EUR4.4 million payment is deferred for one year.
-Existing debt of EUR45.6 million implies an enterprise value of EUR58 million.
-On a pro forma basis, Gleeson Group generated earnings before interest, depreciation, amortization and tax (EBITDA) of EUR10.2 million for the 12 months to June.
-Acquisition is expected to be immediately earnings accretive.
-Acquisition will be completed before the end of the group’s financial year.
-Shares of C&C Group on Wednesday closed at EUR3.90.