British 'Chicken King' Boparan to acquire Ireland's Grove Farm
Published 15/04/2016 | 02:30
One of Ireland's biggest poultry firms - Monaghan-based Grove Farm - is being acquired by the private investment vehicle of UK billionaire Ranjit Boparan, who's been dubbed Britain's 'Chicken King'.
Mr Boparan, whose business interests include the 2 Sisters Food Group that now owns the Goodfellas pizza brand following its acquisition in 2011 of Northern Foods, is buying the Irish company with his private Amber Real Estate Investments (Ireland) vehicle.
"Boparan Private Office has agreed to acquire the Grove Farms Turkey business," a spokesman for Mr Boparan said. "The acquisition is subject to clearance from Competition Authority in Ireland.
"The existing Grove management team and staff will transfer and the business will continue to operate from its current site as part of the Boparan Private Office."
Amber Real Estate Investments holds, leases and operates agricultural property and feed milling businesses, and leases industrial and commercial property.
Grove Turkeys, which trades as Grove Farm, was part of Kerry Group until 2006, when it was bought out by management including chief executive Tom O'Driscoll. He did not return calls seeking comment yesterday.
The company is unlimited, meaning it doesn't have to file publicly-available accounts.
The latest set of publicly-available accounts date from 2010, when Grove Turkeys recorded revenue of €17.6m and an operating loss of €1m.
Mr Boparan snapped up Northern Foods for £341m. He muscled in on a planned merger between Northern Food and Irish food group Greencore.
The holding company for 2 Sisters, Boparan Holdings, generated revenue of £3.1bn in its last financial year and a £58.8m operating profit.