Founded in 2004, Classic Drinks’ turnover in the year to 30th June 2018 was €42 million and the Cork-based distributor currently employs 47 people.
Limerick-based Pallas employs some 1,300 and supplies customers across the foodservice and hospitality sectors.
The cost of this multi-million €uro acquisition has not been revealed but it will “significantly improve Pallas’ alcoholic beverage offering throughout Ireland and further strengthen our position in the foodservice market,” commented Pallas Foods’ Chief Executive Peter Jackson.
Classic will continue to operate independently under the leadership of the current management team but Peter Jackson anticipates “opportunities to leverage synergies across the Pallas structure that will benefit both businesses”.
Parent company Sysco had sales of over €58 billion worldwide last year.
Classic Drinks also imports and distributes a portfolio of over 1,000 spirit brands.