Manor Farm proceeds fund next generation
Vincent and Justin Carton, who sold their Manor Farm chicken business in a deal worth up to €94m last week, are setting up a company to fund the business ambitions of the next generation of the family.
Manor Farm had been in the family for over 240 years but the two men, who held their interests in a vehicle called Carton Brothers, discovered some years ago that their eight daughters did not wish to continue in the chicken-processing business.
Stockholm-based Scandi Standard completed the acquisition of Manor Farm last week. The Cartons, who were advised by Merrion Corporate Finance, will get €34m in cash.
In addition they will own almost 10pc of Scandi Standard, a stake currently worth around €36m. An additional €24m could be earned if ambitious targets are met.
The brothers will not be shareholders in the new vehicle, Carton Sister, which will use some of the deal proceeds to fund new business projects. Carton said two non-food projects were already in development.
Vincent's five daughters will each own 10pc of the business, while Justin's three daughters will have 16pc.
"We believe in investing in ourselves," said Vincent.