The frozen food businesses have been acquired by a group led by former Largo Foods chief executive Maurice Hickey and backed by the Ireland Strategic Investment Fund (ISIF).
Both businesses will operate under the Green Isle banner and the 100 roles at the manufacturing plant in Co Sligo and offices in Co Kildare are expected to be safe.
The acquisition is expected to facilitate Green Isle’s plans to grow 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.
The investor group said it also believed there was “a significant opportunity to grow this leading indigenous, Irish food manufacturing business into the future, in both the frozen food and other growth segments of the food market”.
On the acquisition, 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.”
ISIF senior investment director of food and agriculture, Cathal Fitzgerald added:
“This is an example of ISIF’s commitment to investing in regional businesses, a key feature of our refocused investment strategy. We are pleased to support a business that generates significant economic activity and employment in Sligo and Kildare and we look forward to helping Green Isle grow its export base and target new European markets.”
Ranjit Singh, president of Boparan Holdings, said: “We are pleased to announce the completion of the sale of the Green Isle Brands and Donegal Catch business to a good new home. Maurice Hickey is a highly experienced food CEO and we wish him and the team future success.
There has been much speculation about the disposal over the past year, but Singh said there was a strategy to the sale.
“There have been a number of potential buyers for these companies, but as we always make clear, any sale has to be at the right time, with the right buyer, and it had to be a deal that fitted with our long-term strategy.
“This transaction ticks all these boxes, and will help further simplify our business, enabling us to focus on our core and further strengthen our balance sheet.
“With customers and consumers at the heart of everything we do, we will continue to focus on delivering great quality, great value products every day.”
In October 2018, 2 Sisters Food Group agreed to sell its Manton Wood sandwich business to Samworth Brothers for an undisclosed sum.