Manor Farm has been bought by Swedish group Scandi Standard for in the region of €70 million.
The deal of the transaction will require approval at an extraordinary general meeting of the Swedish company later this summer.
Ireland's largest chicken processor is majority owned by Vincent and Justin Carton who will reportedly continue to run the company and will be become shareholders in Scandi Standard.
Vincent Carton said, "In considering a succession of ownership for our family business, my brother Justin and I have been determined to find a partner who will build on our strong relationships with customers, employees, suppliers and the broader communities in which we operate."
Established in 2013, Scandi Standard are the leading chicken producer in the Nordic region, serving the domestic and export markets.
“Scandi Standard is that partner, with an outstanding health and quality record in chicken processing. They’re also major chicken product innovators. They understand our business and our commitment to our people. We’re the best at what we do, and Scandi Standard is committed to continuing that.”
Leif Bergvall Hansen, CEO of Scandi Standard, commented, “I am enthusiastic about the deal as Manor Farm satisfies all of our acquisition criteria. The company has profitability in line with our existing operations, is well run and is the clear market leader in chicken in the Irish retail market.
"With its capable and experienced management team, the business can be run with a high degree of autonomy whilst additional steps, which have been identified, can be taken to capture the benefits of best practice. As many of our risks are country specific, the acquisition is also likely to reduce our earnings volatility through diversification.”
Based in Co. Meath, Manor Farm employs approximately 850 people.
© 2017 - Checkout Magazine by Donna Ahern