Boru vodka makers to merge with US company
Dublin-based Roaring Water Bay Spirits, which was set up in 1998 and also makes Clontarf Irish Whiskey and O'Leary's Irish Cream, said it would join forces with Great Spirits, a New York producer and marketer of premium distilled spirits.
Roaring Water Bay currently employs 15 staff and has annual turnover of €8m. The group raised approximately €15m from a private placing of shares in the US last year. Boru enjoys a 14% share of the Irish premium vodka market but has been more successful in Dublin, where it is in number two position with 20% market share.
The merger with Great Sprits will allow greater access to the lucrative American vodka market, which is believed to be worth up to €8 billion each year. Great Spirits has marketed and distributed Boru and Clontarf in America for the last three years. The merged company will be known as Castle Brands and plans to sell 250,000 cases of spirits in its first full year, rising to annual sales of one million cases within four years. Castle Brands will operate from offices in Dublin, London and New York, with the Dublin office responsible for sales in Ireland, Europe and Asia.
Roaring Water Bay's co-founders, David Phelan and Pat Rigney, said the merger was the most exciting development for the company since it was formed. They said the merger offered a chance to build Boru into a well-known global brand and develop a substantial business with a strongly-branded portfolio.
Mark Andrews, Great Spirits's chairman and chief executive, said he was impressed by Boru vodka and now hoped to create a strong platform for growth. Mr Andrews will become chairman and chief executive of the merged company.
Although based in America, Mr Andrews has strong Irish roots. His family bought Knappogue Castle in Co Clare 35 years ago before successfully restoring it with support from the Government.
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