Former Tayto Owner Invests €4.3M In Green Isle And Donegal Catch Acquisition
Published on Mar 25 2019 12:50 PM
Irish Entrepreneur and former Largo Food founder Ray Coyle has reportedly invested €4.3 million into the Green Isle Foods and Donegal Catch acquisition.
The deal which is led by Maurice Hickey, a former chief executive of Largo Foods is believed to be worth in the region of €22 million, filings at the Companies Registration Office (CRO) revealed.
According to the Irish Independent, the CRO figures also showed that the Ireland Strategic Investment Fund (ISIF) has allocated in the region of €6.9 million into the deal, while a Guernsey firm invested €3.2 million.
Earlier this month, ISIF announced its plans to back the acquisition of the Green Isle and Donegal Catch food manufacturing and export businesses.
The finance company is the single biggest investor while other investors aside from Coyle, Hickey includes a number of other private investors.
The transaction was supported with bank debt provided by Ulster Bank.
The businesses have been acquired from the 2 Sisters Food Group, one of the largest food manufacturing businesses in the UK.
Clearwater International reportedly acted as financial adviser to the 2 Sisters Food Group.
The combined businesses will operate under the Green Isle Foods banner and will seek to grow and develop the Green Isle and Donegal Catch brands.
© 2019 Checkout – your source for the latest Irish retail news. Article by Donna Ahern. Click subscribe to sign up for the Checkout print edition.