Management closes buyout of Carroll Cuisine

A private equity-backed management buyout of Carroll Cuisine believed to value the company in the region of €40m, has been completed.

The deal, which the Irish Examiner reported early last month to be imminent, was financed through funding from Carlyle Capital Ireland — a government-backed private equity fund — will see the company’s existing management team assume ownership of the company formerly owned by food group, Aryzta.

The management team of chief executive, Kieran Carolan; chief operational officer, John Comerford and finance director, Fiona Delaney will continue to lead the Offaly-based cooked ham and ready meats producer.

“As the largest equity investment fund in the Irish market coupled with extensive experience working with branded food companies both within Ireland and internationally, Carlyle Capital Ireland is the ideal partner to support the future growth of the business,” Mr Carolan said.

“Carroll Cuisine is now well placed to maintain our strong business momentum, and to further consolidate our position as the leading supplier of cooked meats and chilled ready meals in the country. Our focus will be on continuing new product development and innovation to support further expansion of the business.”

It is understood none of the company’s 150 employees will be affected as a result of the takeover.

Aryzta said it wished the new ownership team all the best having seen Carroll Cuisine flourish under its investment programme and added that Aryzta will continue its Irish operations from its €200m centre in Grangecastle, Co Dublin.

Carlyle Capital Ireland — the private equity fund founded by Washington, DC-based private equity firm Carlyle Group and Dublin’s Cardinal Capital Group — invests in Irish companies with significant growth potential. Capital injections ranged from €2m to €50m.

The €292m fund is backed by the Government through the Irish Strategic Investment Fund and Enterprise Ireland.

Predominantly, Carlyle Capital Ireland is focused on growth capital and buyout investment opportunities across Ireland with investments having previously been made in Kildare-based chocolatier Lily O’Briens.

Last month, the fund also announced that it was to invest in consumer payment provider Payzone Ireland from European private equity firm Duke Street.