Last checked at 15 Sep 2008 11:00
15 September 2008
DCC acquires FindlaterGrants
DCC plc, the business support services group, announces that it has acquired FindlaterGrants, a leading Irish wine and spirits distribution business. FindlaterGrants markets and distributes a wide range of leading wine brands and a number of spirits brands to multiple retailers, off licences, restaurants and hotels throughout the Republic of Ireland. The business has 32 employees.
DCC has agreed to purchase FindlaterGrants from C&C Group plc for a cash amount equivalent to the net operating assets of the business at completion plus a payment for goodwill of €1.5 million. It is estimated that DCC's net cash investment will be approximately €9.6 million.
In its financial year ended 28 February 2008, FindlaterGrants traded at approximately breakeven on revenue, net of duty, of €33 million. Woodford Bourne, DCC's Irish wine distribution business, has achieved good profit and sales growth in recent years, both organically and through acquisition. DCC expects to generate significant commercial and operating synergies
from the integration of FindlaterGrants with Woodford Bourne.
Tommy Breen, Chief Executive of DCC plc, said today:-
"The combination of Woodford Bourne and FindlaterGrants will create a powerful new force in wine and spirits distribution in Ireland with revenues, net of duty, of approximately €50 million and a range of high quality wines from leading producers in Spain, Chile, France, Italy, Australia, USA, New Zealand, South Africa, Argentina and several other countries around the world."
For Reference:
Tommy Breen, Chief Executive, DCC plc
Frank Fenn, Managing Director, DCC Food & Beverage
Conor Murphy, Investor Relations Manager
Telephone: +353 1 2799400 Email: investorrelations@dcc.ie
Web: www.dcc.ie