Carroll Cuisine is a high-quality business specialising in cooked ham and ready meals. Driven by its well-known brand, it has a unique heritage and consumer appeal, with a track record of growth and innovation.
Aryzta acquired the Tullamore-based business from the Carroll family in 2004. It has developed the business to a stage where it has a turnover of over €45m and employs 150 staff. It supplies all major retailers and delivers to over 1,200 customer delivery points per week across Ireland.
However, when Aryzta decided Carroll Cuisine was no longer part of its core business, the existing management team, headed by chief executive Kieran Carolan, led a management buy-out earlier this year.
Aryzta invited offers from various parties for the Carroll Cuisine business, ultimately selecting the Caryle Cardinal Ireland fund, primarily due to price and deal certainty. Kieran will talk about the lessons learned at the upcoming Alternative Finance Options for Agribusiness conference.
“Not all private equity companies are the same. However, their timelines are often shorter and they come in with an exit strategy, the focus of which must be managed in a commercial manner,” said Carolan.
Private equity firms typically have a clear rationale for any acquisition, usually as a consolidation play in a particular industry segment. Allied to this strategic ambition will be the desire to operate the business as efficiently as possible. “To do this, private equity firms want buy-in from management and will endeavour that management will co-invest together with their clients’ funds,” he added.
Although the deal was not disclosed, it is believed to have valued the company at an estimated €40m. The deal was backed by private equity group Carlyle Cardinal Ireland (CCI).
CCI is a joint venture between the Carlyle Group and Cardinal Capital Group that makes buyout and growth equity investments in mid-sized companies across a variety of sectors in Ireland. They are the largest equity investment fund in the Irish market and have extensive experience working with branded food companies within Ireland and internationally. Their equity investments have ranged from €5m to €50m.
Kieran Carolan will be just one of the businesses presenting companies’ funding journeys at the Alternative Finance Options for Agribusiness conference organised by the Irish Farmers Journal and Kennedys Law on 5 November in the Marker Hotel, Dublin.
Agribusinesses looking at funding to grow their business should not miss out on the insights and expertise around the alternative sources for your business in this half-day conference.
For further information or to book, email alternativefinance@farmersjournal.ie or call 01-419 9578.
Read more
PCF series: Carroll Cuisine – carving out its niche
Carroll Cuisine is a high-quality business specialising in cooked ham and ready meals. Driven by its well-known brand, it has a unique heritage and consumer appeal, with a track record of growth and innovation.
Aryzta acquired the Tullamore-based business from the Carroll family in 2004. It has developed the business to a stage where it has a turnover of over €45m and employs 150 staff. It supplies all major retailers and delivers to over 1,200 customer delivery points per week across Ireland.
However, when Aryzta decided Carroll Cuisine was no longer part of its core business, the existing management team, headed by chief executive Kieran Carolan, led a management buy-out earlier this year.
Aryzta invited offers from various parties for the Carroll Cuisine business, ultimately selecting the Caryle Cardinal Ireland fund, primarily due to price and deal certainty. Kieran will talk about the lessons learned at the upcoming Alternative Finance Options for Agribusiness conference.
“Not all private equity companies are the same. However, their timelines are often shorter and they come in with an exit strategy, the focus of which must be managed in a commercial manner,” said Carolan.
Private equity firms typically have a clear rationale for any acquisition, usually as a consolidation play in a particular industry segment. Allied to this strategic ambition will be the desire to operate the business as efficiently as possible. “To do this, private equity firms want buy-in from management and will endeavour that management will co-invest together with their clients’ funds,” he added.
Although the deal was not disclosed, it is believed to have valued the company at an estimated €40m. The deal was backed by private equity group Carlyle Cardinal Ireland (CCI).
CCI is a joint venture between the Carlyle Group and Cardinal Capital Group that makes buyout and growth equity investments in mid-sized companies across a variety of sectors in Ireland. They are the largest equity investment fund in the Irish market and have extensive experience working with branded food companies within Ireland and internationally. Their equity investments have ranged from €5m to €50m.
Kieran Carolan will be just one of the businesses presenting companies’ funding journeys at the Alternative Finance Options for Agribusiness conference organised by the Irish Farmers Journal and Kennedys Law on 5 November in the Marker Hotel, Dublin.
Agribusinesses looking at funding to grow their business should not miss out on the insights and expertise around the alternative sources for your business in this half-day conference.
For further information or to book, email alternativefinance@farmersjournal.ie or call 01-419 9578.
Read more
PCF series: Carroll Cuisine – carving out its niche
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