BC Partners has realised €115 million from the sale of a 7 per cent shareholding in drink and snacks group C&C.

The private equity group, which acquired its stake in C&C in 1999 when it led a buyout of Allied Domecq's stake from the Irish company, sold around 23 million shares at €5 each to reduce its stake to 8.6 per cent.

Market sources said BC Partners had intended to sell just 17 million shares, or one-third of its stake, but such was the demand for C&C stock that it sold 23 million in a placing handled by Davy Stockbrokers and Citigroup.

The sale price was more than twice the €2.26 level at which C&C floated in May 2004.

Shares in C&C held up well after the placing, finishing the day at €5.09, nine cent above the placing price and just four cent below Monday's night's close.

It is the second time this year that BC Partners, which was restricted from reducing its stake until last November, has sold shares. It raised €66 million from the disposal of 20 million shares in May. Meanwhile, C&C said it had appointed new distributors for its international spirits and liqueur brands to replace Allied Domecq, which was recently acquired by Pernod Ricard.

In the US, C&C's largest international spirits and liqueur market, Skyy Spirits, a subsidiary of the Campari Group, has been named as distributor of Carolans cream liqueur, Tullamore Dew Irish whiskey and Irish Mist.

The Campari Group will also distribute C&C's brands in Brazil and, through its joint ventures, in Belgium, the Netherlands and Luxembourg.

C&C's brands will be distributed in Britain, Germany and Bulgaria by Maxxium Worldwide, a partnership of four leading spirit companies - the Edrington Group, Jim Beam brands, Remy Cointreau and the V&S Group.

C&C spirits and liqueurs are exported to more than 80 overseas markets and C&C has appointed between 10 and 15 other independently-owned local distributors for its brands.

Analysts said that, aside from a slight short-term negative impact on the marketing of the brands, the change was unlikely to have much impact on C&C.

"The terms of the distribution contracts are similar to those previously operated with Allied Domecq and that the key markets are expected to change distributor in January so any disruption is in a relatively quiet period," Merrion Stockbrokers said.

The new distribution arrangements will become effective from February 1st, 2006, when the C&C agreements with Allied Domecq expire.