C&C inherited the brand – which includes Diamond White – when it bought the Gaymer Cider Company in 2009.
McNally sees great potential for the brand and plans to reposition it as part of “an exciting new portfolio of craft ciders differentiated by diamond colours and a range of abvs”.
He said: “There is a lot happening in the cider category right now and a lot of it is strikingly similar. We believe the vision of a set of craft ciders stemming from such an iconic brand as Diamond brand name is an extremely powerful one.
“We are very excited by this addition to our company and we are looking forward to applying our business strategy of revitalising the well-remembered Diamond cider brand.”
Brookfield Drinks, the company founded by McNally, completed the purchase of Kestrel in October 2012 and relaunched it earlier this year with a new-look 5% abv can, with plans for a 4% abv bottled Pilsner, a 2.8% abv lager and an alcohol free variant in the offing.