20% stake in Great Northern Distillery to be sold for around €5 million

John Teeling at the Great Northern Distillery in Dundalk

The Teeling family are reportedly in discussions with a number of investors to sell a 20% stake in the Great Northern Distillery in Dundalk for around €5 million.

According to an article in yesterday’s Sunday Business Post, discussions with investors are at an “advanced stage” and could be completed within the next couple of months.

The paper reports that the deal is set to value the company at more than €25 million.

It is understood that any equity investment deal is likely to involve a firm looking to launch a new whiskey, which will be supplied from Dundalk, while also investing in the company.

Currently two months from production, the Great Northern Distillery is looking to sign up clients and will specialise in supplying whiskey to private label brands rather than under its own name. The company is set to have its first whiskey available for delivery in 2017 and last week advertised a number of jobs in the local newspapers.

Entrepreneur John Teeling’s Irish Whiskey Company bought the brewery from Diageo in 2013 after they opted to close the former Great Northern Brewery, which was best known for producing Harp Lager, amongst other brands.

Teeling is the founder of Cooley Distillery, which was bought by US firm Jim Beam for €71 million in 2011.

The deal in Dundalk is separate to the Teeling Whiskey Company, which is owned and run by Teeling’s sons Jack and Stephen and is opening the first new distillery in Dublin in 125 years.

Dundalk company invents ‘Cool Brain’ device that could save lives

The ‘Cool Brain’ device

A Dundalk-based firm, in collaboration with researchers from Trinity College Dublin, has invented a ‘Cool Brain’ device designed to cool the brain in the event of a stroke, heart attack or brain trauma and thus save lives.

Local company Eurolec Instrumentation – who are based on the St Alphonsus Road – is looking to commercialise a technology it has patented called ‘Cool Brain’.

The device is designed to cool the brain at the earliest possibility in the event of a stroke, heart attack or brain trauma to effect the best possible prognosis. Following the recent tragic accident that befell racing driver Michael Schumacher when skiing, the device is topical and relevant.

The device was developed in collaboration with researchers from Trinity College Dublin’s neuroscience department.

Eurolec Instrumentation’s managing director Tom Mears said the device, a kind of cooling cap, can be charged for one-hour via mains or a 12v paramedic vehicle battery.

“My company has been examining methods of modifying the device to improve the performance. We’re endeavouring to liaise with medical consultants to use the technology for other applications, such as transporting harvested human organs with strict temperature limits or accelerating soft tissue healing in sports and veterinary applications with pads that can heat or cool.”

Mears said the plan is to commercialise the product through a spin-out company called Oriel Medical Devices and is open to discussing the technology with medical consultants and investors.

“Traditionally, our experience has not been in the area of medical devices but this has really opened our eyes to a whole new range of opportunities and we’re interested in working with entrepreneurs who can help us to bring this further.

“We’re convinced there are global opportunities for this technology,” Mears said.