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Kepak Group and Oliver Carty, in a joint venture, have acquired the assets and business of Greene Farm Foods.
This follows the failure of negotiations between a joint venture company, owned jointly by Kepak Group and Oliver Carty with Greene Farm Foods Limited.
Greene Farm Foods, based in Rathowen, Co Westmeath, processes and markets a range of cooked convenience meats for the retail and foodservice distribution channels, predominantly in Ireland.
Receivership
It was announced in December 2016 that beef processor Kepak and pork producer Carty had agreed terms to acquire a majority shareholding in the Westmeath meat processor.
However, Michael McAlteer of Grant Thornton was appointed as receiver to Greene Farm Foods on 3 February by Ulster Bank.
This was following the “failure of initial negotiations between a joint venture company, owned jointly by Kepak Group and Oliver Carty with Green Farm Foods Limited”.
The appointment of the receiver is over assets relating to part of the property of Greene Farm Foods.
According to a statement released by the pair, the joint venture company has since acquired the assets and business of Greene Farm Foods Limited from the receiver.
Greene Farm Foods
John Horgan and Ted Carty, managing directors of the respective investor companies, said: “Each of the parties will now leverage their undoubted synergistic efforts to drive growth and innovation.
“The development focus will be on anticipating consumer trends and convenience in cooked meats.
“It is also very important to all concerned that the 170 jobs will be secured and hopefully, as the business grows, that there will be opportunities to employ more people from the Mullingar hinterland,” he added.
The transaction has received the necessary regulatory approval from the Consumer Protection and Competition Commission (CCPC).
The Irish Farmers Journal understands the company is now operating as Greene Farm Fine Foods.
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