Carlyle Cardinal Ireland has finalised the terms of its investment in Carroll Cuisine, backing a management buy-out of the company from Aryzta AG.

The transaction, terms of which are not being released, is expected to close in the second quarter of 2015.

CCI is the Irish private equity fund established by The Carlyle Group and Cardinal Capital Group.

(From left) Kieran Carolan, Carroll Cuisine; John Dolan, Cardinal; John Comerford, Carroll Cuisine; Jonathan Cosgrave, Carlyle, and Fiona Delaney, Carroll Cuisine

Carroll Cuisine produces and distributes branded and private label pre-packed sliced cooked meats, deli hams, chilled ready meals and other chilled food products, supplying large grocery retailers and convenience stores across Ireland.  The company employs 150 people in Tullamore.

In Association with

According to Kieran Carolan, CEO of Carroll Cuisine, CCI is the ideal partner to support the future growth of the business.

“Our focus will be on continuing new product development and innovation to support further expansion of the business.”

Carroll's Cuisine's existing management team, which includes COO John Comerford and finance director Fiona Delaney – have acquired a shareholding in the business and will continue in their leadership roles.

Jonathan Cosgrave, a Carlyle director and John Dolan, a Cardinal director, will join the board of Carroll Cuisine.

Cosgrave said that Carroll Cuisine is a great example of the type of high-quality business CCI was seeking to invest in.

“It is a proven company driven by a brand with a unique heritage and consumer appeal, and with a track record of growth and innovation.”

Hilliard Lombard, chief executive of Aryzta Europe and Asia Pacific, said that he was pleased to see how Carroll Cuisine flourished under his firm's ownership.

He added: “Considerable investment in the company over recent years has enabled the brand to expand its presence in existing and new markets, increasing sales in the process.  We wish the team continued success.”

Equity for the investment will come from CCI, a €292 million Irish private equity fund focused on growth capital and buyout investment opportunities across Ireland, whose investors include the Ireland Strategic Investment Fund and Enterprise Ireland.

The fund has also made investments in the Kildare-based chocolate manufacturer Lily O'Brien's, General Secure Logistics Services (GSLS), an Irish cash management solutions provider, and Payzone, the largest provider of multi-channel consumer payments across Ireland.