2 Sisters Food Group has offloaded its Green Isle Brands frozen food business to a consortium of investors led by the Ireland Strategic Investment Fund (ISIF) and backed by the former chief executive of Largo Foods, Maurice Hickey.
Green Isle Brands operates the Donegal Catch and Green Isle Food brands, which sell products including frozen fish, frozen vegetable and frozen chips to consumers in the Republic of Ireland.
Both brands will continue to operate under the Green Isle Foods banner, and the acquisition will secure over 100 jobs at the company’s manufacturing plant in Gurteen, Ireland and its offices in Naas, Ireland.
The consortium claims that it will attempt to stimulate the growth of the Green Isle and Donegal Catch brands by targeting both the domestic and export markets, while building on existing strong market positions held by both brand in Ireland.
Meanwhile, 2 Sisters Food Group claims that the sale “further strengthens the 2 Sisters Food Group balance sheet and demonstrates its commitment to its core strategy.”
Ranjit Singh, president of Boparan Holdings, said: “We are pleased to announce the completion of the sale of the Green Isle Brands & Donegal Catch business to a good new home. Maurice Hickey is a highly experienced food CEO and we wish him and the team future success.
“There have been a number of potential buyers for these companies, but as we always make clear, any sale has to be at the right time, with the right buyer, and it had to be a deal that fitted with our long-term strategy.
“This transaction ticks all these boxes, and will help further simplify our business, enabling us to focus on our core and further strengthen our balance sheet.
“With customers and consumers at the heart of everything we do, we will continue to focus on delivering great quality, great value products every day.”
Mr Hickey added: “We are very excited about the opportunity presented by the Green Isle Foods business. It comprises quality brands with excellent market positions and offers a strong platform for growth.
“The investor group comprises highly experienced business people and investors who have a strong appetite and commitment to the growth and development of Irish businesses.”
By Martin White
Source: FoodBev
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