Carlyle Cardinal Ireland Invests in Carroll Cuisine, Irish Producer of Branded Cooked Ham and Chilled Ready Meals
Carlyle Cardinal Ireland (CCI), the Irish private equity fund established by The Carlyle Group and Cardinal Capital Group, has finalised the terms of its investment in Carroll Cuisine, backing a management buy-out of the company from Aryzta AG. The transaction, terms of which are not being released, is expected to close in the second quarter of 2015.
Kieran Carolan, CEO, Carroll Cuisine, said: “As the largest equity investment fund in the Irish market coupled with extensive experience working with branded food companies both within Ireland and internationally, CCI is the ideal partner to support the future growth of the business. Carroll Cuisine is now well placed to maintain our strong business momentum, and to further consolidate our position as the leading supplier of cooked meats and chilled ready meal meals in the country. Our focus will be on continuing new product development and innovation to support further expansion of the business.”
The company’s existing management team – CEO Kieran Carolan, COO John Comerford and Finance Director Fiona Delaney – have acquired a shareholding in the business and will continue in their leadership roles. Jonathan Cosgrave, a Carlyle Director and John Dolan, a Cardinal Director, will join the board of Carroll Cuisine.
Carroll Cuisine produces and distributes branded and private label pre-packed sliced cooked meats, deli hams, chilled ready meals and other chilled food products, supplying large grocery retailers and convenience stores across Ireland. The company employs 150 people in Tullamore.
Carlyle Director Jonathan Cosgrave, said: “Carroll Cuisine is a great example of the type of high quality business CCI seeks to invest in – a proven company driven by a brand with a unique heritage and consumer appeal, and with a track record of growth and innovation. We are excited to partner with the management team and believe that CCI’s investment will help the management team achieve their ambitions.”
Cardinal Director John Dolan, commented: “The food sector is a core focus for our investment fund. We see this as a first step in building a larger company with a broader portfolio of chilled food businesses in Ireland. The combination of Carroll Cuisine’s leading market position and state-of-the-art production facilities in Tullamore provides a strong platform to expand and grow as the leading Irish chilled food supplier.”
Hilliard Lombard, Chief Executive of ARYZTA Europe and Asia Pacific, said: “We are pleased to see how Carroll Cuisine flourished under our ownership. Considerable investment in the company over recent years has enabled the brand to expand its presence in existing and new markets, increasing sales in the process. We wish the team continued success.”
Mr. Lombard added: “ARYZTA’s programme of investment in Ireland continues. We are advancing our ARYZTA Food Solutions and ARYZTA Bakeries businesses from our €200 million centre of excellence in Grangecastle, with further growth developments anticipated this year.”
Equity for the investment will come from CCI, a €292 million Irish private equity fund focused on growth capital and buyout investment opportunities across Ireland, whose investors include the Ireland Strategic Investment Fund and EnterpriseIreland. The fund has also made investments in the Kildare-based premium chocolate manufacturer Lily O’Brien’s, General Secure Logistics Services (GSLS), an Irish cash management solutions provider, and Payzone, the largest provider of multi-channel consumer payments across Ireland.
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The Carlyle Group
Laurie Mannix, MKC Communications
Tel: +353 1 703 8620 / 086 8143710
Cardinal Capital Group
Tom McEnaney, McEnaney Media
Tel: +353 87 2222 666
Carroll Cuisine / ARYZTA AG
Dan Pender, PR360
Tel: +353 1 6371777 / 087 2313415
Paddy O’Dea, PR360
Tel: +353 1 6371777 / 086 3573365
About Carroll Cuisine
Carroll Cuisine produces and distributes branded and private label pre-packed sliced cooked meats, deli hams, chilled ready meals and other chilled food products. Carroll Cuisine products can be found in all retail outlets across Ireland. www.carrollcuisine.ie
Carlyle Cardinal Ireland
Carlyle Cardinal Ireland is a joint venture between The Carlyle Group and Cardinal Capital Group.
About The Carlyle Group
The Carlyle Group (NASDAQ: CG) is a global alternative asset manager with $194 billion of assets under management across 128 funds and 142 fund of funds vehicles as of December 31, 2014. Carlyle's purpose is to invest wisely and create value on behalf of its investors, many of whom are public pensions. Carlyle invests across four segments - Corporate Private Equity, Real Assets, Global Market Strategies and Investment Solutions - in Africa, Asia, Australia, Europe, the Middle East, North America and South America. Carlyle has expertise in various industries, including: aerospace, defense & government services, consumer & retail, energy, financial services, healthcare, industrial, real estate, technology & business services, telecommunications & media and transportation. The Carlyle Group employs more than 1,650 people in 40 offices across six continents.
About Cardinal Capital Group
Cardinal Capital Group (Cardinal) is a specialist provider of alternative capital directing private equity capital, mezzanine finance and alternative lending to a broad range of sectors including technology, food, healthcare, support services, financial services and real estate. Founded in 2003, Cardinal invests the principals own capital alongside international institutional investors to support entrepreneurs and corporate management teams. Cardinal has an extensive client base of international investors including domestic and international sovereign wealth funds, financial institutions, endowments, global public and private pension funds, family offices and insurance companies. Cardinal Capital Group is authorized as an alternative investment fund manager and regulated by the Central Bank of Ireland.
ARYZTA AG (‘ARYZTA’) is a global food business with a leadership position in speciality bakery. ARYZTA is based in Zurich, Switzerland, with operations in North America, South America, Europe, Asia, Australia and New Zealand. ARYZTA has a primary listing on the SIX Swiss Exchange and a secondary listing on the ISE Irish Exchange (SIX: ARYN, ISE: YZA).
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