Killarney Brewing acquired by Swiss buyer following sale row with international bidders

Spirit Capital spokesperson said the purchasing price for the Fossa site remained commercially confidential 

Killarney Brewing and Distilling Company in Fossa, Killarney Photo By : Domnick Walsh © Eye Focus LTD .

Killarney Brewing and Distilling Company is set to be brought back into use with international buyers confirming the sale of the facility (KBD) following its closure last year.

Swiss-based Spirit Capital has acquired the 5,760sq m premises at Kilakee, Fossa, following a turbulent sales process that saw formal complaints lodged against KBD receivers and selling agents of the landmark Kerry property. 

Located in Zug, Switzerland, Spirit Capital acquires, maintains, and manages minority or majority stakes in small and mid-size companies, focusing primarily on the business of spirits and alcohol.

The group said it brings more than 200 years of distilling, as well as stewardship of some of the world’s most respected heritage brands. These include French brands Père Magloire, Armagnac Le Marque and Armagnac Janneau.

A spokesperson for the company said: "We are pleased to confirm the acquisition of the Killarney Brewing & Distilling facility at Fossa. This is an exceptional site, and we recognise its importance to Killarney, Kerry, the local community and the wider Irish food, drink and tourism sectors.

"Our commitment is long-term. We have enormous respect for the work and ambition of all those previously involved, and our intention is to preserve that value and bring the facility back into productive use on a phased, responsible and properly managed basis.

The spokesperson said the immediate priority is to complete the necessary transition work before activity is recommenced, adding that it will work with local contractors, suppliers, professional advisers and stakeholders where possible. Rebuilding local employment and supporting the Killarney and Kerry brand will be central to our approach.

Spirit Capital said further updates would be provided as operational milestones are reached.

"Drawing on the group’s long-standing international experience, our ambition is to help build a business that Killarney and Kerry can be proud of."

Spirit Capital said further updates would be provided as operational milestones are reached.

Formal complaints

The completed acquisition comes amid a formal investigation into the sales process of KBD following complaints from an international bidder.

South African-based Renewal Group made a final bid of €5.85m, with the group's CEO, Tony McKeever, alleging in a formal complaint to the Property Services Regulatory Authority (PSRA) and Chartered Accountants Ireland that the offer was "not meaningfully advanced or engaged."

The premises at Kilakee, Fossa was put up for sale via joint agents Cushman & Wakefield and Tom Spillane & Co in October, guiding in excess of €5.5m for the brewery on behalf of Michael O’Regan and Declan McDonald, receivers at PwC. Peter O’Flynn and Killian Spillane handled the sale for Cushman & Wakefield.

A formal disciplinary investigation has since been launched by Chartered Accountants Ireland into the PwC receivers. 

Another bidder for the landmark property was local pub owner and cattle exporter Mark Hallisey. The Kerry native, who owns the Golden Nugget bar and restaurant in Fossa, bid €5.7m for the property, which was also unsuccessful. 

It is understood that the successful owner offered a lower bid with full cash funds. 

A spokesperson for Spirit Capital said the purchase price for KBD remains commercially confidential. 

Following their failed bid, Mr McKeever told the Irish Examiner that the Renewal Group has pivoted away from its bid to expand in Ireland, relocating its capital resources to fund growth in the Bahamas, where it will set up a dedicated craft production facility to capitalise on the North and South American spirit's market.