Liffey Mill’s 50% shareholding in Meath-based Drummonds agribusiness has been sold to Freshgrass group. An agreement was reached in August but the transaction was subject to regulatory approval which has now been achieved. Liffey Mills and Freshgrass Group entered into a 50/50 joint venture to acquire the Drummonds business from Greencore at a cost of €15.5m in 2009.

In a statement on the deal Freshgrass said it will continue to give full autonomy to the Drummonds management team headed by Michael Slattery to run and develop the business.

“This change will have no implications on the terms and conditions for Drummonds staff or customers,” the statement reads.

“This development is a big step for Freshgrass and especially for Michael Slattery and all his colleagues who will now have the total and unique responsibility for the leadership, control, competiveness, and development of Drummonds,” chairman of Freshgrass Group and MD of Grassland Agro Liam Woulfe said. He went on to thank “Pat Ryan and everybody in Liffey Mills for the great contribution that they made to the redevelopment of Drummonds as managers, co-Directors and shareholders and he looked forward to advancing the successful reciprocal trading business of all our businesses into the future”.

Limerick based Freshgrass also owns a 50% stake in the agricultural fertilizer, manufacturer and wholesaler, Grassland Agro. It owns Grassland Agro on a 50/50 basis with the major French Agro supplies company Groupe Roullier.