BC Partners has sold its remaining 3.5% stake in C&C, the Irish drinks group, two years after floating it on the Irish and London stock exchanges. The shares were sold at €6.70 each and the placing was oversubscribed.
C&C floated in May 2004, with an offer price of €2.26 per share. BC Partners acquired the company from Allied Domecq in 1999 for a cash consideration of €734m in a buyout with total financing of around €800m. Prior to the IPO, BC Partners held a 90% stake in the company and sold around half of its shares at the time of listing and sold a further third in May 2005.
C&C is an Irish manufacturer and distributor of both alcoholic and non-alcoholic beverages, its most well known one being Magners cider.