Tennent's owner buys biggest US cider brand C&C Group, the Dublin-listed owner of lager maker Tennent's, has bought the Vermont Hard Cider Company (VHCC) for $305m (£190m). Woodchuck, the company's main brand, has become the top-selling alcoholic cider brand in the United States and the deal also covers the firm's Wyder's brand and a 20 per cent stake in Chinese label Gold Hard Cider. C&C already owns a host of cider brands, including Blackthorn, Bulmers, Gaymers and Magners. Stephen Glancey, chief executive of C&C Group, said: "This transaction transforms our international cider business and accelerates our growth prospects. We intend to invest in the company to capitalise on the growth opportunities presented by this business. VHCC is expected to add $15m (11 million euros) to C&C's profits in the current year. In its interim results, which were also published today, the company said that profits will be at the lower end of current City forecasts of 112-118 million euros. But the firm increased its interim dividend by 9 per cent to four cents a share. Phil Carroll, an analyst at Shore Capital, said: "The deal is on a valuation of circa 20.3x enterprise value/earnings but the business is anticipated to grow revenues by 28 per cent in the year to 31 December and it has a healthy margin of circa 27 per cent, ahead of the current group average. The acquisition agreement of the US's number one cider business looks to be an exciting opportunity and given its strong growth prospects, we would not be too worried about its initial valuation multiple.