Livingstone Bottles Up Another Juicy Deal
April 2005
Two Cheshire brothers have acquired Calypso Soft Drinks, the acclaimed soft drinks company that was founded as a dairy business by their grandfather 120 years ago.
Peter and Richard Cooke, together with Finance Director John Halton have been running the Wrexham-based soft drinks company, under the chairmanship of John Posnett whose family had taken a majority stake in the business in 1954.
Earlier this year Mr Posnett appointed the food and beverage team at corporate finance boutique Livingstone to sell his family’s 89% stake in the business.
Presentations made by Livingstone to potential purchasers generated a significant amount of interest from trade buyers, however, just as the Posnett family were about to sign the exclusivity agreement with one of them, the management team made an offer for the business.
After careful consideration by the vendors of all the offers, the decision was reached to accept the offer from the incumbent management team. On 19 October 2005, the Cooke brothers and John Halton acquired the business with funding from RBS, their incumbent bankers.
Nuala Higgins, the Livingstone deal leader who helped bring the transaction to fruition, says: “Calypso has always been a family-run business and the result is the completion of a very amicable deal.”
Patrick Groarke, partner at Livingstone adds: “The decision to go with the management team was not only financial – it was the right thing for the business”.
Phillip Posnett added “We are sad to be selling the company but delighted that it shall remain a family business and wish the Cooke family every success”.
Calypso was founded as a dairy business by farming brothers George and John Cooke and was originally based in Tattenhall, Cheshire next to a Spring Water borehole. Today, the company turns over £24 million annually from its strong portfolio of recognised and trusted branded drinks, which include Calypso Rapidz, Calypso Clear cups, Calypso Splash, Calypso NMW cuplets and Jubbly Ice Lollies among others.
Calypso has a large accredited source of Natural Mineral Water at Wrexham which has contributed to its success in being the UK’s first Children’s Natural Mineral Water drink brand.
For further information contact:
Patrick Groarke
T: +44 20 7484 4707
E: groarke@livingstonepartners.co.uk
