ISIF backs €22m acquisition of Green Isle Foods and Donegal Catch
The Ireland Strategic Investment Fund (ISIF) is backing the acquisition of the Green Isle and Donegal Catch by a group led by Maurice Hickey, the former CEO of Tayto-maker Largo Foods.
In October last year the Irish Independent first revealed that Mr Hickey was favourite to buy the business.
It is understood the deal is worth around €22m.
The acquisition will support over 100 jobs at the manufacturing plant in Gurteen, Co Sligo and offices in Naas, Co Kildare.
The combined businesses will operate under the Green Isle Foods banner and will seek to grow and develop the Green Isle and Donegal Catch brands.
ISIF is the single biggest investor while other investors include Mr Hickey and Irish entrepreneur and former founder of Largo Foods, Ray Coyle, as well as a number of other private investors.
Mr Hickey said: “We are very excited about the opportunity presented by the Green Isle Foods business. It comprises quality brands with excellent market positions and offers a strong platform for growth.”
“The investor group comprises highly experienced business people and investors who have a strong appetite and commitment to the growth and development of Irish businesses.”
The acquisition will facilitate Green Isle’s plans to grow its revenues and diversify its business base, targeting both the domestic and export markets, while building on existing strong market positions held by both Green Isle and Donegal Catch in Ireland.
ISIF’s backing for the acquisition reflects its commitment to investing in regional development and supporting indigenous Irish businesses, two of the five key priorities contained in ISIF’s investment strategy, which was announced in February, a statement from ISIF said.
The transaction was supported with bank debt provided by Ulster Bank.