Cork ice-cream firm Silver Pail set for multimillion euro takeover by Spanish giant

Silver Pail based in Fermoy employs 100 people

Cork ice cream maker Silver Pail is to be acquired by Spanish ice cream giant Grupo Alacant in a multimillion euro deal, subject to regulatory clearance, it was announced on Friday. Picture: Larry Cummins

Cork ice cream maker Silver Pail is to be acquired by Spanish ice cream giant Grupo Alacant in a multimillion euro deal, subject to regulatory clearance, it was announced on Friday.

Silver Pail employs 100 people at its manufacturing site in Fermoy, which was established in 1978 by dairy scientist Michael Murphy. The investment will see the new combined group generating expected sales of €300m.

“We are very enthusiastic about our partnership with Grupo Alacant and believe this partnership will allow Silver Pail to become a leading player in the region for years to come, supported by Grupo Alacant’s production expertise and broad product portfolio, whilst remaining true to the qualities that make this business unique," said Silver Pail sales director Paul Condon. 

Silver Pail specialises in producing premium tubs crafted with locally sourced milk and cream for retailers and foodservice operators like Tesco and Aldi. 

The company entered an examinership process in December 2022, after facing lower sales during the pandemic, and rising energy and commodity prices, but it has since seen a turnaround in fortunes after Mr Condon and his brother Niall invested in the company. Silver Pail saw its revenues increase by 10% in 2024 to €26m, with gross profits of €4.1m and operating profits for the year of  €1.45m.

Grupo Alacant had revenues of €226.1m in 2023, selling 99m litres of ice cream. “We are convinced that this transaction will allow us to bring substantial value-add to our customers by combining our historical production expertise with Silver Pail’s local presence and relationships," said Grupo Alacant chair Per Harkjaer.  "Furthermore, we intend to invest in Silver Pail’s industrial footprint and workforce to support Silver Pail's continued development in the ice cream industry in the region.” 

Completion of the transaction is subject to regulatory approval, and is expected to take place in the first half of 2026.