Ornua sells majority stake in US food distribution business
Dairy co-op Ornua - formerly the Irish Dairy Board - has sold a majority stake in its US specialty food distribution business DPI Specialty Foods.
The buyer is food & beverage private equity firm Arbor Investments. The sale price was not disclosed but Independent.ie 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.