24th December 2020
Specialist lawyers at Walker Morris have advised Eight Fifty Food Group, the leading multi-protein food group controlled by CapVest Partners LLP, on the acquisition of Carroll’s Cuisine from Carlyle Cardinal Ireland, for an undisclosed consideration.
Carroll’s is a leading producer of cooked meats and convenience food in the Republic of Ireland. The business employs approximately 300 people in its site in Tullamore, Offaly. Carroll’s will be integrated into Eight Fifty’s pork division and will further expand Eight Fifty’s presence in the Republic of Ireland following the acquisition of M&M Walshe in June 2020. Carroll’s sliced cooked meat offering will be highly complementary to M&M Walshe’s gammon, bacon and sous-vide meat products.
Upon completion, Eight Fifty will have sales of circa £1.9 billion and employ around 8,300 people across 23 manufacturing sites in the UK, Republic of Ireland, Germany and France.
Richard Naish, Head of the Food & Drink Team, led the Walker Morris team with support from Simon Cuerden, Marianne McKeown and Kayleigh Watson.
Commenting on the deal Richard Naish said:
“Having worked with Eight Fifty Group over a number of years we’ve built up a good understanding of the business and the team and a solid working partnership. The acquisition of Carroll’s is a great addition to the business and there are a number of clear synergies.
“As a whole we’ve seen an uptick in M&A activity across the board but particularly in the food & drink sector. We expect this to continue as we move into the first quarter of 2021.”
Di Walker, CEO of Eight Fifty Food Group, added:
“Eight Fifty are guardians of strong brands across multiple proteins and so we are delighted to add the Carroll’s business to our growing group. Like our Young’s brand in seafood, the Carroll’s name is synonymous with quality, value-added protein products. Carroll’s will be a great addition to our business”.
Jason Rodrigues, Partner, CapVest, said:
“Carroll’s is another great European addition to our growing portfolio and creates the premier integrated platform of value-added pork products in Ireland. We look forward to leveraging the Eight Fifty platform to further develop the business going forward”.
The transaction is subject to standard closing conditions and approval from the Irish Competition and Consumer Protection Commission.
The deal comes on the back of a busy Q4 for the Walker Morris team having recently advised on Valeo Foods Group’s acquisition of It’s All Good, Menzies Distribution’s acquisition of Bibby Distribution and BSW Group’s acquisition of both SCA Wood UK and Dick Brothers and GRITIT’s acquisition of NMC Group and EVO Group’s £90m funding from Breal Zeta CF, with club partner Leumi ABL.