Irish private equity fund to invest in Carroll Cuisine

Carlyle Cardinal Ireland (CCI), the Irish private equity fund, has finalised the terms of its investment in Carroll Cuisine, backing a management buy-out of the company from the food group Aryzta.

The terms of the transaction are not being released and the transaction between CCI and Carroll Cuisine is expected to close in the second quarter of 2015.

Kieran Carolan, CEO of Carroll Cuisine, said that 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,” he said.

The companies said that Carroll’s existing management team composed of 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, they said.

Carlyle Director Jonathan Cosgrave, said that 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.

Cardinal Director John Dolan, said that the food sector is a core focus for its 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,” John Dolan said.

Equity for the investment will come from CCI, a €292m Irish private equity fund focused on growth capital and buyout investment opportunities across Ireland, whose investors include the Ireland Strategic Investment Fund and Enterprise Ireland.

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