Irish food wholesaler Musgrave has agreed to acquire Belfast-based drinks company Drink Inc for an undisclosed sum, in a move that will strengthen its market offering portfolio.
The deal includes the brand and company assets of Drinks Inc. Drinks Inc will continue to trade as a stand-alone business.
The acquisition is part of Musgrave’s Growing Good Business strategy to deliver long term sustainable growth and follows its £28 million investment programme that was announced earlier this year. As part of the programme the wholesaler plans to open 20 additional stores and revamp 40 existing stores in Northern Ireland.
Drink Inc is an independent drink distributor in Ireland, with a portfolio of over 1,000 products in the spirits, wines, beer and soft drink categories. The company is also the exclusive agent or distributor for premium brands and wineries including BrewDog, Dingle Distillery and Isla Negra.
“As one of the fastest growing drinks companies on the island of Ireland, Drinks Inc is an excellent strategic fit for Musgrave and will strengthen our existing offer to the market,” said Musgrave CEO Chris Martin.
Martin added: “I look forward to Drinks Inc joining our expanding portfolio of successful brands and to supporting the business to bring it to the next level of growth.”
As part of the agreement, Kevin O’Leary has been appointed as the new business director of Drinks Inc. Paul Camplisson, owner of Drinks Inc, will remain on a consultancy basis and will work closely with Kevin to grow the business.
Paul Camplisson, owner of Drinks Inc said: “Becoming part of Musgrave is a fantastic opportunity for the Drinks Inc business.
“In a relatively short period of time, we have firmly established ourselves as one of the largest independent drinks distributors in the market. Musgrave will enable us to provide an enhanced service to our customers and their track record of growing successful customer-focussed businesses makes this the right move for Drinks Inc.”
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