Dawn Meats seals French buy
Waterford processor Dawn Meats' deal to buy a stake in France's second biggest beef producer has been approved by European competition authorities.
The initial purchase is thought to be for around €40m and will see the privately-owned Irish company buy a 49pc stake in Elivia's beef processing unit.
The deal was signed off by the European Competition Commission yesterday.
Following its initial stake purchase Dawn will have an option to eventually buy up to 70pc of the joint venture in 2018 and 2019.
Elivia was owned by Terrena, one of France's largest farming co-operatives. Following the deal Elvia will effectively become a joint venture with the Irish company.
Dawn Meats had sales of more than €1bn last year and its customers include McDonalds, Marks & Spencer, and Sainsbury. The Irish business exports to more than 40 countries.
"In a consolidating industry we believe that this deal brings considerable scale and knowledge sharing benefits to both parties. Our aim is to leverage our leadership position in traceability and sustainability so that we are at the vanguard of meat marketing internationally.
"Our scale, premium positioning and routes to market will benefit our customers and thousands of farmer suppliers in Ireland, the UK and now, via Elivia, in France," Dawn Meats chief executive Niall Browne said.
Elivia will continue to be managed by its CEO, Guy Wermeister.