Blacksheep buys Ireland's Distilled for €630 million; Fallon brothers cash out €237 million
What's the deal? Dublin-based asset manager Blacksheep Fund ManagementDealroom has a profile for this one. Try Dealroom → has acquired Distilled SCHDealroom has a profile for this one. Try Dealroom →, the Irish operator of property portal Daft.ieDealroom has a profile for this one. Try Dealroom → and classifieds sites DoneDeal.ieDealroom has a profile for this one. Try Dealroom → and Adverts.ieDealroom has a profile for this one. Try Dealroom →, in a deal valued at €630 million. Founders Eamonn and Brian Fallon realised nearly €237 million in cash and shares from the sale of their stake.
How is it structured? A newly formed holding company, DH Finance Midco LimitedDealroom has a profile for this one. Try Dealroom →, now owns Distilled, according to fresh filings. The Fallon brothers retain a 33.32% voting stake in the new entity.
What's the endgame? Blacksheep has spent the past year building a presence in proptech, and Distilled is its largest bet to date. The company is eyeing expansion into Northern Ireland and vehicle technology.
By the numbers: Distilled's 2025 accounts show strong revenue but significant losses — a reminder that scale and profitability don't always move together in classifieds and property tech.
The signal: The deal underscores how much investor appetite classifieds and property platforms still command, even as some carry losses. For the Fallons, it marks a substantial cash-out while keeping a meaningful stake in the assets they built.
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