A fresh set of company filings has put a sharp new figure on one of the biggest recent transactions in media Ireland. The founders behind Daft.ie, brothers Eamonn and Brian Fallon, appear to have realised almost €240 million in cash and shares following the 2024 sale of Distilled, the classifieds business that also owns DoneDeal.ie and Adverts.ie.
The newly disclosed numbers offer a clearer view of a deal that had previously been announced without a public price tag. For anyone tracking the digital marketplace landscape, this is a notable moment in the evolving Irish media and online listings sector, where scale, data and audience reach continue to drive valuations.
What the new filings reveal for media Ireland
Accounts filed by DH Finance Midco Limited, the company that now controls Distilled, indicate the acquisition was valued at €627.4 million. The takeover was led by Dublin-based Blacksheep Fund Management in November 2024.
According to the filings:
- Almost €450 million of the transaction was paid in cash
- €312 million of that cash went to Adevinta, which had owned 50 per cent of Distilled
- The remaining cash was shared among other shareholders
- €177.6 million in shares was also issued in the acquiring parent structure
Before the deal, the Fallon brothers held a combined 38 per cent stake through DML Capital Unlimited Company. That vehicle reported disposal proceeds of €238.9 million, settled through a mix of cash and shares.
How the Fallon brothers’ stake changed
While the brothers sold their original holding, they did not fully exit. The filings show each now controls 16.66 per cent of the voting shares in the new structure, leaving them with a combined 33.32 per cent interest.
Based on the end-2025 balance sheet, which showed net assets of €445.2 million, the book value of their combined stake was roughly €148 million. In effect, the transaction delivered both liquidity and ongoing exposure to the business.
That kind of hybrid outcome is closely watched across the media industry Ireland scene, particularly in founder-led digital businesses where sellers often retain a meaningful shareholding after a buyout.
Distilled’s first performance snapshot under new ownership
The accounts also provide the first detailed look at Distilled after the transaction. Over a 13-month period to the end of 2025, the group generated €64.4 million in revenue, with €59.2 million coming from the Republic of Ireland.
Other key figures include:
- 173 employees across the group
- Net cash inflow of €17.6 million
- Operating loss of €66 million
- Pretax loss of nearly €80 million
The losses were heavily influenced by non-cash charges, particularly €81.9 million in depreciation and amortisation, along with €14 million in finance costs tied to borrowings of €188.4 million.
In practical terms, the filings suggest the underlying business remained cash generative even as acquisition accounting and financing costs weighed on reported earnings. That distinction matters in media news Ireland, where headline losses do not always tell the full story.
Expansion plans signal confidence
The filings also point to continued dealmaking. Distilled disclosed that its acquisition of Northern Irish platforms PropertyPal.com and UsedCarsNI.com was valued at £89.63 million, with £63.63 million paid in cash. It also agreed in July this year to acquire 80 per cent of car-dealer technology business Eskimo Software for €3 million.
These moves underline a broader strategy: deepen positions in property, motors and marketplace technology while extending the group’s footprint across the island. For observers of digital media Ireland and classifieds, the message is clear — Distilled is still in growth mode.
What stands out most is not just the scale of the Fallon brothers’ return, but the enduring value of digital platforms built around high-intent audiences. In media Ireland, few stories illustrate that better than the journey from Daft.ie startup to a deal worth more than €627 million.
Image Courtesy: The Irish Times
