Dentons advises drinks giant C&C Group on acquisition

Dentons has advised C&C Group plc, owner of drink brands such as Bulmers in Ireland and Magners and Tennent’s in the UK, on its acquisition of Matthew Clark (Holdings) Limited and Bibendum PLB (Topco) Limited from Conviviality Brands Limited, a subsidiary of Conviviality plc. Conviviality plc collapsed into administration earlier this month.

The Dentons team advising on the deal included Glasgow-based corporate partner Derek McCombe; associate Charmaine Murdoch; Edinburgh-based banking and finance partner James Wilson and associate Samir Younes; Byron Nurse, co-head of restructuring and a partner in Dentons’ UK banking and finance team; and partners Alex Thomas, Nik Colbridge and Ian Fox. Banking and finance associate Joe Byron Evans, banking and finance counsel Robert Spedding and dispute resolution associate Jonathan Sears also advised.

Matthew Clark Bibendum, the companies purchased by C&C, comprise the wholesale arm of the Conviviality group. The consideration paid was a nominal sum and C&C will provide significant working capital to Matthew Clark Bibendum. In addition, at completion Matthew Clark Bibendum benefited from £102 million of working capital facilities from its current lender group which is repayable in instalments following completion.

Mr Nurse, who led on the deal, said: “We are delighted to have advised C&C on this acquisition. They are already a significant player in the UK drinks market, and following this deal they are very well positioned for further growth across the country. It is particularly pleasing that the transaction preserved approximately 2,000 jobs directly and many more in the supply chain.”