High Court approval for Kerry deal

Food giant Kerry Group is free to press on with the acquisition of Breeo Foods, a subsidiary of Ireland-based Reox Holdings Plc, almost a year after an appeal against a decision by the Competition Authority of Ireland to block the proposed deal. 


Food giant Kerry Group is free to press on with the acquisition of Breeo Foods, a subsidiary of Ireland-based Reox Holdings Plc, almost a year after an appeal against a decision by the Competition Authority of Ireland to block the proposed deal. 

Food giant Kerry Group is free to press on with the acquisition of Breeo Foods, a subsidiary of Ireland-based Reox Holdings Plc, almost a year after an appeal against a decision by the Competition Authority of Ireland to block the proposed deal.

The High Court ruling means that the €140 million (£130 million) deal, which was struck in March 2008, can proceed, adding a substantial number of Irish household names to Kerry’s portfolio of brands.

Stan McCarthy, Kerry Group chief executive, said: “We will now proceed to complete this important acquisition by our consumer foods division. As originally announced on 13 March 2008, the proposed transaction includes an attractive portfolio of leading added-value dairy and meat product brands – including Dairygold, Galtee, Shaws, Roscrea, Mitchelstown, Calvita and Sno.”

On a pro forma basis based on the last reported accounts, Breeo generated revenue of €188.5 million, had gross assets before liabilities of €58.5 million and pre-tax profits of €15.1 million.

Nick Britton

Nick Britton

Nick was the Managing Editor for growthbusiness.co.uk when it was owned by Vitesse Media, before moving on to become Head of Investment Group and Editor at What Investment and thence to Head of Intermediary...

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