Carroll's, a producer of cooked meats and convenience food, employs approximately 300 people at its site in Tullamore, Offaly, in the Republic of Ireland.
The business will be integrated into Eight Fifty's pork division and will further expand the group's presence in the Republic of Ireland following the acquisition of M&M Walshe in June 2020.
Eight Fifty believes Carroll's sliced cooked meat offering will be “highly complementary” to M&M Walshe’s gammon, bacon and sous-vide meat products.
The transaction is subject to standard closing conditions and approval from the Irish Competition and Consumer Protection Commission
Upon completion of the deal, Eight Fifty, which is controlled by CapVest Partners, will have sales of around £1.9bn and employ around 8,300 people across 23 manufacturing sites in the UK, Republic of Ireland, Germany and France.
Di Walker, CEO of Eight Fifty Food Group, said: “Eight Fifty are guardians of strong brands across multiple proteins and so we are delighted to add the Carroll’s business to our growing group.
“Like our Young’s brand in seafood, the Carroll’s name is synonymous with quality, value-added protein products. Carroll’s will be a great addition to our business.”
Commenting on behalf of Carroll’s, John Comerford said: “The interest in Carroll’s is testament to the work that CCI and the entire Carroll’s management team have completed over the last five years.
“Through continuous investment and innovation, we have delivered the highest quality produce to our customer base. We’re excited to work with Eight Fifty and deliver their ambitious future growth plans.”
Specialist lawyers at Walker Morris advised Eight Fifty Food Group on the acquisition.
Richard Naish, head of the food & drink team at Walker Morris, said: “Having worked with Eight Fifty Group over a number of years, we've built up a good understanding of the business and the team and a solid working partnership.
“The acquisition of Carroll's is a great addition to the business and there are a number of clear synergies.”
Naish added: “As a whole, we've seen an uptick in M&A activity across the board but particularly in the food and drink sector. We expect this to continue as we move into the first quarter of 2021.”