Dublin Meat Company, a specialist food producer and owner of the Fit Foods range of healthy ready meals, is acquiring Swift Fine Foods in Monaghan after securing equity funding from BGF.

Swift employs c.200 people and currently manufactures Fit Foods ready meals for Dublin Meat Company.

Dublin Meat Company was founded in 2005 by Paddy O’Leary and is led by his sons, Brian and David O’Leary.

The venture has grown from an operation centred on six craft butcher shops to a producer of 120,000 ready meals a week. The Fit Foods range includes breakfasts, soups, snacks, lunches and evening meals.

CEO Brian O’Leary said the deal would underwrite the company’s ambitious plans.

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“Our Fit Foods range is experiencing rapid growth,” he explained. “Owning our own manufacturing facilities means we will now be able to guarantee the quality and supply of every aspect of our Fit Foods range. 

"We have immediate plans to invest in Swift’s facilities in Monaghan, particularly in product development to support existing and new contracts. We are delighted to have BGF on board as an investor for this next stage of growth.”

The two deals will see BGF take a "significant minority position" in the enlarged Dublin Meat Company, according to BGF. Both transactions are subject to approval from the CCPC.

Bank of Ireland will be providing debt funding alongside BGF’s equity investment.

BGF’s Joe Higgins stated: “Dublin Meat Company is a fantastic business, and we are delighted to be able to support their exciting growth plans.

“This is a perfect example of how growth capital can help to transform a business and fuel its growth.  The Swift transaction will be transformational for the company and give it the resources to support the rapidly growing Fit Foods brand.”

According to Renatus, a Mazars team led by Mark Mulcahy provided vendor financial due diligence and tax counsel for Dublin Meat Company on the BGF investment and the acquisition of Swift Fine Foods.

For BGF, a Maples & Calder team led by Paddy Quinlan, William Darmody and Emma Sheehy advised on legal aspects of the Dublin Meat Company transaction.

At Swift Fine Foods, Gareth Cosgrove and David Cole of Grant Thornton provided corporate finance advice, while Sinead McKeaney and Emer Dowling at the same firm provided tax advice.

Photo (l-r):  David and Brian O'Leary with Joe Higgins of BGF. (Pic: Fennell Photography)