Melior Equity Partners has announced unspecified investment in freeze pops and lollipops distributor Rose Confectionery.
Rose Confectionery sells brands such as Slush Puppie, Vimto, Swizzels and Chupa Chups freeze pops, the Sun Exotics savoury snack range, mallows, fruit and nuts from its 18,000 sq ft facility in Edenderry, Co Offaly.
"Melior Equity Partners are the right team to help us achieve the next phase of our ambitious growth plans and we are delighted to have secured them as investors into our business," said Richard Kennedy, group CEO and managing director of Rose Confectionary.
"After more than 30 years in business and having grown very strongly over the last few years to reach €40m in sales, we knew it was the right time to seek additional investment to help us continue that growth.
"It was very important for us to get the right partner with the right fit who would recognise and respect the company and leading brand we have created.
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"We are very proud of our business, our culture and above all our staff for whom this is positive news, opening up exciting career development opportunities.”
Rose referenced Melior's previous investments in Lily O'Brien's and Carroll Cuisine.
Rose’s management team will remain unchanged, with Kennedy, Phelim Daly, managing director of Rose Manufacturing, and Steven Watt, managing director of Rose Marketing UK, remaining in their current leadership roles and continuing as significant shareholders in the business.
"We have made great strides in the UK over the last 15 years working with a set of leading brands and developing a position as the preeminent innovator in several categories including confectionery and freeze in particular," said Watt.
"We have exciting plans for the future and our partnership with Melior will significantly strengthen our business growth strategy."
Peter Garvey, co-founder of Melior and Jonathan Dalton, managing director of Melior, will join the board of the company as part of the transaction.
"We are excited to partner with Richard and his team who have grown Rose into a highly successful confectionery and freeze business with a unique set of license relationships, tremendous distribution channels and a wide client base comprising of supermarkets, discounters, convenience stores and wholesalers," said Dalton.
"Through its consistent focus on innovation, the business has been growing at over 20% a year and we believe that we can help the Rose team continue their impressive growth trajectory. Rose is making a significant investment in its manufacturing capabilities in Edenderry and we will invest to expand the portfolio of licences and product categories.”
Established in 1983, Rose Confectionery employs 87 people, including 33 in its manufacturing facility in Co Offaly, 27 in its Dublin distribution centre, and 27 in the UK.
Rose Holdings Ltd booked a net profit of €670,000 in 2020 as turnover rose from €23.5m to €24.2m.
Dublin-based Melior was founded in 2019 by Jonathan Cosgrave and Peter Garvey, who previously managed funds for Carlyle Group.
Melior was advised by PwC, McCann FitzGerald, KPMG and Food Strategy Associates, while Rose Confectionery was advised by Grant Thornton and law firm Addelshaw Goddard.
Photo: Richard Kennedy (right) and Peter Garvey. (Pic: Naoise Culhane)
