Brexit triggers sale of Reynolds stake in C&D Foods to Goodman
Pet food company founded 50 years ago by former Taoiseach Albert Reynolds
Businessman Philip Reynolds, son of former Taoiseach Albert Reynolds, has sold down his last remaining 15pc stake in the family business, C&D Foods, to beef baron Larry Goodman.
Reynolds told the Sunday Independent that Brexit had been the trigger for his exit from the company. He also is leaving the company after almost three decades as CEO.
The company was founded by the late Albert Reynolds 50 years ago in Edgeworthstown, Co Longford.
Goodman's ABP Food Group first invested in the company in 2008.
It took a 50pc stake, helping C&D to fulfil ambitions to become a consolidator in the market and expand in Europe. The pet food company now has annual revenues of €500m and spans nine countries, employing 1,500 people.
Reynolds said that in excess of 40pc of the business remained UK-focused.
Under the 2008 agreement with Goodman, there was a put-and-call option under which both parties would review the business and shareholding periodically.
"I had always an opportunity to put my shares to ABP and they would have to buy them, and similarly there was a time when they could call on my shares and I'd have to sell them," said Reynolds.