Drinks group William Grant & Sons has agreed a deal to sells its recently acquired Carolans, Irish Mist and Frangelico brands to Gruppo Campari for what it called the 'compelling offer of €129m'.
The Scottish family distillers bought C&C's portfolio of Irish spirits and liqueur brands for €300m in July.
William Grant says there will be no job losses as a result of the deal and bottling operations at its Clonmel site in Co Tipperary will be unaffected.
Gruppo Campari has signed a ten year manufacturing services deal for William Grant to provide blending and bottling services for the three brands in Clonmel.
'We remain committed to building our business in Ireland and to building the long-term value of Tullamore Dew whiskey around the world,' company CEO Stella David said.
'Whilst Tullamore Dew was the key focus in our newly acquired portfolio, we always intended to develop the liqueur brand. However, we were offered a very attractive price from Gruppo Campari and believe they will be able to develop these brands given their relevant expertise,' she added.
The sale will be completed on October 1, the company said.
