Receiver appointed to Greene Farm Foods as Kepak joint venture talks breakdown
A receiver has been appointed to Greene Farm Foods Limited (the Company) after initial negotiations failed between a joint venture company, owned jointly by Kepak Group and Oliver Carty, and the Company.
Documents seen by Agriland show that Michael McAlteer of Grant Thornton was appointed as receiver to Greene Farm Foods on Friday last, February 3 by Ulster Bank.
The joint venture company, called Kepcar Investments Limited, had applied to take sole control of Greene Farm Foods.
It has now emerged that Kepcar Investments Limited, has acquired the assets and business of Greene Farm Foods Limited from the receiver.
The transaction has received the necessary regulatory approval from the Consumer Protection and Competition Commission (CCPC).
The appointment of the receiver to Greene Farm Foods is over assets relating to part of the property of the Company, the documents show.
A statement from Kepak tonight said that Greene Farm is an award winning reputable high quality producer of premium cooked convenience meats, primarily for the Irish retail and foodservice markets, employing about 170 staff.
Commenting on the completion of the investment, Messer’s John Horgan and Ted Carty, Managing Directors of Kepak Group and Oliver Carty respectively said that they are enthusiastically looking forward to further developing the business founded by Kenneth Greene and to do so in conjunction with all the staff and with all their valued customers.
“Each of the parties will now leverage their undoubted synergistic efforts to drive growth and innovation. The development focus will be on anticipating consumer trends and convenience in cooked meats.”
It is also very important to all concerned that the 170 jobs will be secured and hopefully, as the business grows, that there will be opportunities to employ more people from the Mullingar hinterland.
It was announced last December that Kepcar Investments Limited, would acquire the company subject to due diligence and approval from the CCPC.
Meanwhile, in a further development, Green Farm Foods now appears to be no more and that a new company has now been formed called Greene Farm Fine Foods.
Kepak Group is a significant primary processor of Irish beef, lamb and pork; Kepak has well established value added cooked meats and branded convenience snack businesses serving all distribution channels in Ireland, UK and other EU markets.
Oliver Carty is a significant value added pork and bacon producer in convenient consumer portions mainly for the Irish retail and foodservice markets.