The founder of activist investment company Clearway Capital has confirmed that it has acquired a minority stake in Glanbia Plc.

The German-based investment company was established in 2021 by Gianluca Ferrari.

Following a report by news outlet Bloomberg, Ferrari confirmed the acquisition last evening (Thursday, April 22) on his Twitter account.

“I can confirm Clearway’s investment in Glanbia and the fact that we have a few cool ideas,” Ferrari said.

Bloomberg reported that Clearway, which is based in Frankfurt, may communicate with Glanbia management and propose actions to improve the Kilkenny firm’s valuation.

Glanbia share price rallied by up to 6.6% following the announcement, according to Bloomberg.

Glanbia results

Last month, Glanbia published its financial accounts for 2021 showing post-tax profits rose to €167.4 million last year, compared to €143.8 million in 2020.

In 2021, Glanbia wholly-owned revenue was €4,196.9 million, an increase of 13.1%. The company said that this was driven by growth in volume of 16.1% offset by a decline in price of 4% and acquisitions adding 1%.

Glanbia’s pre-exceptional share of joint venture profit after tax for continuing operations decreased by €18.5 million to €19.2 million for 2021, as a result of strong prior year comparatives as well as commissioning costs for new joint venture plants, according to the full year results.

Profit after tax for the year was €167.4 million compared to €143.8 million in 2020, comprising continuing operations of €141 million (2020: €120.8 million) and discontinued operations of €26.4 million (2020: €23 million).

During 2022, the company anticipated that the effects of Covid-19 will further abate, however the ongoing impact of cost inflation, especially dairy-related, will need to continue to be actively managed according to the company.