Friday 28 October 2016

Ornua sells majority stake in US food distribution business

Published 15/12/2015 | 07:12

Ornua staff in Spain
Ornua staff in Spain

Dairy co-op Ornua - formerly the Irish Dairy Board - has sold a majority stake in its US specialty food distribution business DPI Specialty Foods.

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The buyer is food & beverage private equity firm Arbor Investments.  The sale price was not disclosed but understands Ornua has made a gain of over €30m out of the deal, and is holding on to a 20pc stake.

Ornua chief executive Kevin Lane said the proceeds would be invested in Ornua's core business of building routes to market for Irish dairy products. It will maintain a minority stake in DPI.

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