Irish chicken processor to be purchased by Swedish firm for €70 million
One of the Republic of Ireland’s largest chicken processing companies, Manor Farm, is in the process of being bought by a Swedish firm.
The transaction will involve an initial payment of around €70 million, as well as a settlement of the company’s debts. There is also an earn-out mechanism incorporated into the proposed deal.
Swedish firm, Scandi Standard, is expected to become the new owner of Manor Farm. The takeover payment will partially be in the form of Scandi Standard shares.
Completion of the transaction will require shareholder approval at an Extraordinary General Meeting (EGM) of Scandi Standard later this summer.
Currently the firm employs about 850 people and has contracts with over 170 farmers, as growers and breeders. It also operates its own feed mill close to its processing plant in Sherlock, Co. Cavan.
Carton brothers, Vincent and Justin, own 85% of the chicken processing company and they are the eighth generation of the family to be involved with the business.
Once the deal is approved, the brothers – who will become shareholders in the Swedish firm – are expected to continue running Manor Farm.
While considering a succession of ownership for the family business, Vincent Carton was determined to find a partner who will build on the company’s “strong relationships with customers, employees, suppliers and the broader communities”.
Scandi Standard is that partner, with an outstanding health and quality record in chicken processing. They’re also major chicken product innovators.
“They understand our business and our commitment to our people. We’re the best at what we do, and Scandi Standard is committed to continuing that,” Vincent said.
The Swedish firm claims to be the leading chicken producer in the Nordic region, serving both the domestic and export markets.
It sells Swedish, Danish, Norwegian and Finnish chicken under a variety of brand names.