BREAKING NEWS: Major Tullamore company sold to major food group
A major Tullamore company has been sold by its parent company to an international private equity investor.
Carlyle Cardinal Ireland (CCI) has agreed the sale of Carroll Cuisine to Eight Fifty Food Group, the multi-protein food group owned by CapVest Partners LLP (CapVest), an international private equity investor. The acquisition, terms of which are not being disclosed, is expected to complete during Q1 2021.
Tullamore headquartered Carroll Cuisine produces and distributes branded and private-label cooked meats, deli hams, chilled ready meals and other chilled food products to supermarkets and convenience stores throughout Ireland.
In 2015 CCI, the Irish private equity fund established by The Carlyle Group (NASDAQ: CG) and Cardinal Capital Group, acquired Carroll Cuisine, backing the management team to complete a carve-out of the company from Aryzta AG. The Carroll Cuisine management team is led by CEO Kieran Carolan, COO John Comerford and CFO Fiona Delaney.
During CCI’s ownership, Carroll’s consolidated its position as a leading supplier of pre-packed sliced cooked meats, deli products and chilled ready meals in Ireland. The company experienced strong growth, with turnover increasing by 50pc, driven by investment in manufacturing capacity, innovation and new product development.
Kieran Carolan, CEO, Carroll Cuisine said, “Our company has gone from strength to strength in the past five years. It has been an exciting journey and we have achieved our ambitious growth targets with the fantastic support of Carlyle Cardinal Ireland. Jonathan Cosgrave and John Dolan strengthened our board and their advice and counsel was very valuable to us. We look forward to continuing to grow our company as part of Eight Fifty Food Group.”
John Dolan, Managing Director, Cardinal Capital Group said, “We are very proud to have facilitated the rapid growth of Carroll’s Cuisine, which over the past five years has not only consolidated its position as one of Ireland’s top food brands but has also more than doubled employee numbers from 150 in 2015 to 325 today. The success of CCI-backed companies such as Carroll’s Cuisine and Lily O’Brien’s clearly demonstrates the growth potential of Irish food companies with the right investment partners.”
Jonathan Cosgrave, Partner at Melior Equity Partners which advises the CCI fund on behalf of The Carlyle Group, said, “During our partnership with Carroll Cuisine management, more than that €5 million has been invested to support manufacturing capacity expansion, new product development, and environmental and sustainability programmes. This investment enabled the brand to expand its presence in existing and new markets, increasing both sales and employment. The sale of Carroll’s follows CCI’s recent exit of AA Ireland and are great examples of what can be achieved when a management team has the backing of a supportive private equity partner.”
Eight Fifty Food Group’s acquisition of Carroll Cuisine is subject to approval from the Competition and Consumer Protection Commission (CCPC).