Canadian firm forks out €5.5m for stake in Glendalough

The Irish arm of a Canadian distribution group has invested a total of €5.5m (US$6.1m) to take a “significant” but undisclosed stake in Ireland’s Glendalough Distillery.

Canadian distribution group invests €5.5m in undisclosed stake in Ireland’s Glendalough Distillery

Canadian drinks distribution group Mark Anthony Brands made the investment in the distillery through its Dublin-based international export arm.

Mark Anthony Brands International (MABI), which is headed by CEO Davin Nugent, acquired €3.5m in new shares, and bought €2m worth of shares from existing shareholders on a pro-rata basis.

The brand boasts a stable of products ranging from whiskey and poitin to gin, and is currently in the process of building a distillery in Glendalough, due to open to the public in summer 2017.

Brian Fagan, director of Glendalough Distillery, said: “Myself and Barry have known Davin Nugent for a long time. We worked together in the past in previous roles within the drinks industry.

“Davin has followed our progress over the past few years as we set up Glendalough and grew the distillery. We stayed in touch and an opportunity arose earlier this year for MABI to become an investor in our business.

“We’re really looking forward to working closely with Davin and MABI. It’s great to have guys with their experience involved as we continue to grow the distillery over the coming years.”

Since it was founded in 2011, the distillery has attracted a number of investors including New York-based Irish publican Sean Cunningham and former Ireland rugby captain Brian O’Driscoll.