US food firm to buy Ireland's Avoca Group

US food company, Aramark, is to buy the Avoca group of Irish upmarket retail outlets and cafes.

Avoca was founded by the Pratt family nearly 40 years ago and operates 11 stores in Ireland.

The company generated revenues of €59m in the year to last January and recorded net profits of €2.2m.

The purchase price has not been disclosed but is said to have been close to €60m.

Simon Pratt's parents founded Avoca and he is to stay on as Managing Director.

Mr Pratt said: "As a family we are very excited at this latest development for Avoca and believe that it is the right decision for us as a business and a family, at the right time and with the right partner."