Lisavaird Co-op shells out €10m in Glenmar Shellfish seafood business takeover

Lisavaird Co-Op has agreed a takeover of fellow West Cork business Glenmar Shellfish in a deal believed to be worth nearly €10m.

Glenmar’s management will remain in place as part of the deal, as will all 70 staff at its Union Hall and Blanchardstown bases.

“As Glenmar has grown in size and strength over the years, we knew that eventually we would be best positioned as part of a broader food group,” said managing director Mel Bendon.

“We are delighted to have reached agreement with Lisavaird, a group with deep roots in the Irish food industry and a perfect partner for Glenmar.

“I look forward to leading Glenmar within the Lisavaird group.

"We have built a strong and profitable company in Glenmar, and I believe that our customers, suppliers, and staff will benefit greatly from the additional support and guidance that Lisavaird will provide as we continue our growth.”

Mr Bendon said the backing of Lisavaird, one of the four West Cork co-ops which control Carbery Milk, would help Glenmar grow and secure its future after 35 years building the company.

Glenmar would consider acquisitions to help grow the business if suitable opportunities arose, Mr Bendon said.

The company has supplied seafood products to the Irish and export markets for more than 30 years.

Among its products are prawns, brown crab, scallop, razor clams, lobster, squid, and white fish.

Lisavaird’s investment comes on the back of other local acquisitions in recent years as it diversifies.

The Clonakilty-based dairy co-op has snapped up Coolmore Cakes as well as a Limerick-based cooked meats business, Glen Aine, in the past few years.

The latest deal is the first investment by an Irish dairy co-op in the seafood business, something Lisavaird general manager Pat Moriarty eluded to in welcoming the deal.

“This investment will allow us to further diversify our business interests and establish a presence in the seafood sector,” he said.

“We are happy to have the opportunity to invest in such a well-managed and successful business, and we look forward greatly to working with the team in Glenmar.”

Established in 1925, the co-op, which is owned entirely by local farmers, has turnover of about €70m.

Glenmar’s 2014 turnover totalled €29.15m, with pre-tax profits topping €712,000.

The deal is subject to approval by the Competition and Consumer Protection Commission.