Nationwide wholesaler Pallas Foods has announced the acquisition of specialist wine, spirits and beer distributor Classic Drinks.
The deal has been concluded for an undisclosed sum. Pallas Foods is a wholly owned subsidiary of American-based foodservice multinational Sysco Corporation and employs over 1,300 people in Ireland alone.
Classic Drinks generated consolidated sales of €42m in the year ending 30th June 2018, and currently employs 47 people. Its portfolio includes over 1,000 spirit brands. The company specialises in the on-trade, and also offers bespoke bartender training.
Commenting, Peter Jackson, CEO, Pallas Foods, said: “As an ambitious and growing business, we are excited to be announcing our acquisition of Classic Drinks. The company has a strong track record in supplying quality products to customers across the foodservice and hospitality sectors. This acquisition will significantly improve Pallas’ alcoholic beverage offering throughout Ireland, and further strengthen our position in the foodservice market.
“Following the acquisition by Pallas, Classic Drinks will continue to operate independently under the leadership of the current management team. However, we anticipate opportunities to leverage synergies across the Pallas structure that will benefit both businesses.”
Steve Dwyer of Classic Drinks said: “Since our founding in 2004, we have created a portfolio of quality and compelling wines in addition to an extensive spirits and craft beer range. Our offering combined with a customer-led culture has helped us to build our national customer base and deliver growth rates in excess of the wider market. We are proud of the business we have developed and are looking forward to continuing our growth story with Pallas Foods and Sysco, the global leader in food service distribution, from our base in Cork. Our employees have been the backbone of what we have achieved in the last 15 years and they will be central to the ongoing story of Classic Drinks within the Sysco family.”