Wed, 21 Dec 2011 | BUSINESS SALE
Beam, the American bourbon whiskey giant, has acquired Cooley, the oldest distillery in the world.
The Irish firm was purchased in a £61 million deal, which is said to have pleased its numerous investors and part-owner John Teeling, who owns one-third of the company.
According to the Belfast Telegraph, the largest Cooley shareholder is businessman Lee Mallaghan, whose shares are worth more than £5 million. Donegal-based businessman and shareholder Willie McCarter - who helped to found Cooleys - will receive around £2.5 million from the proceeds of the distillery's sale.
Beam has confirmed that it will pay £5.31 in cash per share to the Cooley shareholders. Mr Teeling confirmed that the sale represented a ‘good’ return on investment.
Illinois-based Beam, which is best known for its popular Jim Beam bourbon, has announced that it will take over the whole Cooley business.
Beam president, Matt Shattock, told the newspaper that ‘Cooley's brands and distilleries had a heritage that is unmatched in the world of Irish whiskey.’
All of the existing staff members at Cooley – who are led by Jack Teeling, the son of major shareholder John Teeling, will remain, as will the board of directors.
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