Documents recently filed to the Companies Registration Office and seen by the Irish Farmers Journal show that Alltech paid some €3.8m for Co Carlow-based machinery manufacturer Keenan in April 2016.

A year earlier, the group had made a €1.5m loss on sales of €40m

The animal nutrition company founded by Pearse Lyons bought the company from receivers Kieran Wallace and Cormac O’Connor of KPMG in a deal that included land, buildings and plant at the Borris-based factory.

Keenan fell into receivership in early 2016, with debts understood to be in the region of €14m. The banks received €3m from the sale to Alltech, indicating they took an €11m hit.

Some €278,000 was for employee wages, €121,000 for payroll taxes and €60,000 for supplier payments.

Keenan Alltech CEO Robert Walker.

Keenan employed 222 people including 176 in Ireland at the time of the receivership. The last set of accounts filed by Keenan was in 2013 and showed the group recorded pre-tax profits of €1m on sales of €42m.

A year earlier, the group had made a €1.5m loss on sales of €40m.

Growing the business

When Alltech first took over the business, it faced significant challenges.

However, after 18 months under Alltech’s private ownership, the business is understood to have improved performance.

Last year, Lyons committed to keeping manufacturing at Keenan’s Borris factory and to growing the Keenan business and they have since partnered with Italian company Storti.

Together, Alltech and Keenan employ nearly 300 people in Ireland and close to 5,000 globally.

Read more

Alltech committed to Keenan Carlow site and tub technology

The Irish at Agritechnica