Beam to buy Irish whiskey distillers Cooley

International drinks giant Beam Global has reached agreement to buy Irish distillers Cooley.

The acquisition of the industry’s only remaining independent Irish whiskey distillery, will mark Beam’s entrance into one of the spirits industry’s fastest-growing categories. The purchase price is approximately $95 million on a debt-free basis.

Cooley owns and produces the Kilbeggan, Connemara, Tyrconnell and Greenore brands.

“Cooley is one of only three sources for Irish whiskey, and the only independent player, so this transaction is a unique and compelling high-return opportunity to enter one of the industry’s highest growth categories,” said Matt Shattock, president and chief executive officer of Beam.

“We see the opportunity to leverage our combination of scale with agility to further build consumer demand for Cooley’s award-winning brands, and to expand distribution off a relatively small base in key export markets for Irish whiskey across North America and Europe. Cooley’s brands and distilleries have a heritage that’s unmatched in the world of Irish whiskey, so they will be a great fit with our portfolio of brands with long and rich histories.

“We look forward to being good stewards of these iconic Irish assets. We are also eager to work with the Cooley team, led by the Teeling family, who have built Cooley with so much pride and passion, to capitalize on the opportunities that lie ahead.”

John Teeling, chairman and founder of Cooley Distillery, said, “Beam understands whiskey. They have the culture, experience and global strength to enable the Cooley portfolio of brands to reach their potential in the fast growing Crafting the Spirits that Stir the World Irish whiskey category. The renaissance in Irish whiskey, most evident in the United States, is now spreading across the world. Through Beam, our brands, built on quality, will be introduced to a host of new consumers. I am certain that the marriage between Cooley and Beam will benefit all.”