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Irish private equity firm Carlyle Cardinal Ireland (CCI), which operates Carroll Cuisine has agreed the sale of the company to Eight Fifty Food Group, a UK-based private equity firm.
The acquisition, terms of which are not being disclosed, is expected to be completed during the first quarter of 2021.
In 2015 CCI acquired Carroll Cuisine, completing a carve-out of the company from Aryzta AG, doubling employee numbers from 150 to 325 today. The Carroll Cuisine management team is led by CEO Kieran Carolan.
During CCI’s ownership, the company experienced strong growth, with turnover increasing by 50%, driven by investment in manufacturing capacity, innovation and new product development.
New owners
Eight Fifty Food Group is owned by CapVest Partners LLP, an international private equity investor established by Cavan native Seamus Fitzpatrick.
In May of 2020, Eight Fifty Food Group acquired Irish pork processor M&M Walshe, which operates Callan Bacon in Kilkenny and Ribworld in Tipperary, pushing the firm’s sales close to €1.6bn.
The firm also owns UK pork processor Karro Food Group.
CCPC approval
Tullamore headquartered Carroll Cuisine produces and distributes branded and private-label cooked meats, deli hams, chilled ready meals and other chilled food products to supermarkets and convenience stores throughout Ireland.
Carroll Cuisine CEO Kieran Carolan said: “Our company has gone from strength to strength in the past five years with the fantastic support of Carlyle Cardinal Ireland. We look forward to continuing to grow as part of Eight Fifty Food Group.”
The acquisition of Carroll Cuisine remains subject to approval from the Competition and Consumer Protection Commission (CCPC).
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