Cully & Sully may share €4.5m earn-out
Published 25/11/2012 | 05:00
Cullen Allen and Colum O'Sullivan, the thirtysomething founders of artisan soup and food firm Cully & Sully, may receive an extra €4.5m in an earn-out deal following the sale of their business to giant US organic food group Hain Celestial earlier this year.
The €2.5bn valued US listed Hain Celestial informed investors last week that it had paid €10.46m for Cully & Sully earlier this year. It added that there was also a "contingent consideration of up to €4.5m".
This payments may be "based on the achievement of specified operating results during the period through to June 30, 2014", according to Hain Celestial. This effectively ties Allen and O'Sullivan to the company for nearly two more years.
Cork-based Cully & Sully was set up by Ballymaloe's Cullen Allen (Cully) and Colum O'Sullivan (Sully) in 2004, with its yummy Chicken and Herb pies or Positive Pea and Distinctly Minty soups becoming huge sellers in the major supermarket chains. The foodies are thought to be looking at expanding sales into the US.
In September it emerged that Cully & Sully was to shift some of its soup production business over to the UK to a facility owned by Hain Celestial. Irish food group Glanbia had produced soups for the company.
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