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Tullamore-based ham producer Carroll’s Cuisine has been acquired by Eight Fifty Food Group, a UK company controlled by private equity firm CapVest Partners.
The business was sold by Carlyle Cardinal Ireland (CCI) for an undisclosed sum. CCI had acquired the company in 2015 for 37.3 million euros and is believed to have obtained a return on its investment.
Carroll’s produces a variety of cooked meats and fast food and employs 325 people at its Co Offaly site. Its turnover has increased by 50 percent over the past five years, driven by investment in manufacturing capacity, innovation and new product development.
The company will be integrated into the swine division of Eight Fifty and will expand its presence in the Republic after the acquisition of M&M Walshe in June 2020.
Eight Fifty said Carroll’s sliced cooked meats would be “very complementary to M&M Walshe’s sous-vide meat, bacon and ham products.”
The transaction is subject to approval by the Competition and Consumer Protection Commission and is expected to close in the first quarter of next year.
Upon completion, Yorkshire-based Eight Fifty said it would have sales of approximately £ 1.9bn (€ 2bn) and employ 8,300 people at 23 manufacturing plants in the UK, Ireland, Germany and France. .
‘Great addition’
Di Walker, CEO of Eight Fifty Food Group, said Carroll’s would be a “great addition to our business.”
CapVest partner Jason Rodrigues said: “Carroll’s is another great European addition to our growing portfolio … we look forward to leveraging the Eight Fifty platform to further develop the business in the future.”
Kieran Carolan, CEO of Carroll’s Cuisine said: “Our company has been going from strength to strength in the last five years. It has been an exciting journey and we have achieved our ambitious growth goals with the fantastic support of Carlyle Cardinal Ireland. We look forward to continuing to grow our business as part of the Eight Fifty Food Group. “
John Dolan, Managing Director of Cardinal Capital Group, said: “We are very proud to have facilitated the rapid growth of Carroll’s Cuisine, which in the last five years has not only consolidated its position as one of Ireland’s leading food brands, but It also has more than doubled number of employees. “
Jonathan Cosgrave, Partner at Melior Equity Partners, who advises the CCI fund on behalf of The Carlyle Group, said: “During our partnership with Carroll management, more than that € 5 million has been invested to support capacity expansion. manufacturing, new product development, and environmental and sustainability programs. This investment allowed the brand to expand its presence in new and existing markets, increasing both sales and employment ”.
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