Leading Irish chicken processor sold for €70m
Manor Farm, the largest chicken processor in Ireland, is being acquired by Swedish company Scandi Standard for €70m.
The initial payment will be partly in the form of Scandi Standard shares and there is also an earn-out mechanism.
The family run company which dates back to 1775, sources and processes approximately 50pc of all fresh chicken sold in the Irish retail market.
Around 130 farmers are currently contracted as chicken growers at the Bord Bia certified company, while a further 43 farmers are contracted as chicken breeders.
The company employs over 800 staff.
Read more: Eight generations of family food business
Brothers Vincent Carton and Justin Carton, who own 85pc of Manor Farm, will continue to run the company and will become shareholders in Scandi Standard.
Describing Scandi Standard as “major chicken product innovators”, Vincent Carton said that he believes that Manor Farm has found a partner who will “build on our strong relationships with customers, employees, suppliers and the broader communities in which we operate.”
“They understand our business and our commitment to our people. We’re the best at what we do, and Scandi Standard is committed to continuing that,” Mr. Carton said.
At financial year-end 2016 Manor Farm had net revenues of €164m, and earnings before interest, taxation, depreciation, and amortisation of €13m.