IRISH COMPANY C&C Group plc, which makes Magners cider, has acquired one of the United States’ most popular ciders.
The company announced today that it has acquired Hornsby’s which is the number two cider brand in the US.
C&C is a leading manufacturer, marketer and distributor of branded beverages in Ireland and the UK.
It bought Hornsby’s from E&J Gallow Winery, for cash consideration of up to €20 million.
This means the company has initially paid €16.4 million, with a further payment of up to €3.6 million to be paid subject to the performance of the business in the period up to April 2012.
Stephen Glancey, C&C’s Chief Executive Officer designate, commented:
We are pleased to announce the acquisition of Hornsby’s which represents a significant step towards the development of the Group’s international, cider-led strategy.
Gallo is based in Modesto, California, and is the largest winery in the world.
The acquisition means that C&C has an estimated 20 per cent share in the US cider market, which it says has significant growth potential for cider.
Hornsby’s complements Magners’ existing position in the US, as Hornsby’s is primarily an off-trade and West Coast brand while Magners is primarily an on-trade (pub) and East Coast brand.
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