The chief executive of Carroll Cuisine, Kieran Carolan, has said that the cooked meats supplier is "now well placed to maintain [its] strong business momentum", following the announcement last week that Carlyle Cardinal Ireland (CCI) was backing an management buy-out at the cooked meats firm.
Last week, CCI, a private equity fund established by The Carlyle Group and Cardinal Capital Group, finalised the terms of its investment in Carroll Cusine, backing a management buy-out of the company from Aryzta AG.
Carolan welcomed CCI as an ideal partner for the food company, citing its extensive experience working with branded food companies and its position as the largest equity investment fund in the Irish market.
"Our focus will be on continuing new product development and innovation to support further expansion of the business," he said.
As part of the management buy-out, Carroll Cuisine’s existing management team have acquired a shareholding in the business and will continue in their leadership roles, while Carlyle Director Jonathan Cosgrave and Cardinal Director John Dolan will join the company’s board.
Cosgrave commented that Carroll Cuisine was exactly the kind of high quality business CCI looks to invest in, adding, “We are excited to partner with the management team and believe that CCI’s investment will help the management team achieve their ambitions.”
The terms of the transaction have not been released, but it is expected to close in the second quarter of 2015.
© 2015 - Checkout Magazine by Jenny Whelan.
