UK-based Eight Fifty Food Group has acquired Tullamore-based Carroll's Cuisine for an undisclosed sum.
The transaction is expected to close in the first quarter of 2021, Carlyle Cardinal Ireland (CCI) said in a statement.
The acquisition is subject to approval from the Competition and Consumer Protection Commission (CCPC), it said.
Under CCI's ownership, the Irish ham maker consolidated its position as a leading supplier of pre-packed sliced cooked meats, deli products and chilled ready meals in Ireland, CCI added.
CCI highlighted that the company witnessed strong growth, with turnover increasing by 50%, driven by investment in manufacturing capacity, innovation and new product development.
Kieran Carolan, CEO of Carroll's Cuisine noted that the company has gone from strength to strength in the past five years.
"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,” he added.
Eight Fifty Food Group is owned by CapVest Partners LLP (CapVest), an international private equity investor.
Managing director of Cardinal Capital Group, John Dolan, 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,” he added.
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