Cork ice-cream firm Silver Pail's multimillion euro takeover is approved

Spanish giant Grupo Alacant's multimillion-euro takeover of Cork's Silver Pail ice cream is cleared, promising local investment and €300m sales.

The acquisition of Cork ice cream maker Silver Pail by Spanish ice cream giant Grupo Alacant in a multimillion-euro deal has been cleared by the competition regulator.

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 in February when the deal was announced.

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.”

In a decision published on Tuesday, the Competition and Consumer Protection Commission said the proposed transaction will not substantially lessen competition in any market for goods or services in the State.