The Ireland Strategic Investment Fund (ISIF) has rowed in behind a group of private investors to acquire the Green Isle and Donegal Catch food businesses. The investor group is being led by Maurice Hickey, former chief executive of Largo Foods (Tayto).

ISIF is the single biggest investor, while other investors include Ray Coyle, founder of Largo Foods and current operator of the Tayto Park in Meath. The transaction was supported with bank debt provided by Ulster Bank.

The acquisition will support over 100 jobs at the manufacturing plant in Gurteen, Co Sligo and offices in Naas, Co Kildare. The combined businesses will operate under the Green Isle Foods banner.

The investor group said that they believe there is a significant opportunity to grow the businesses in the frozen food and other market segments.

Maurice Hickey said that he and his fellow investors were very excited about the opportunity presented through the acquisition. Terms of the deal were not disclosed.

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“The Green Isle Foods business comprises quality brands with excellent market positions and offers a strong platform for growth. The investor group comprises highly experienced business people and investors who have a strong appetite and commitment to the growth and development of Irish businesses,” Hickey continued.

The investor group was advised by Investec Corporate Finance, PWC and Flynn O’Driscoll, a firm of corporate lawyers.

The businesses have been acquired from the 2 Sisters Food Group, one of the largest food manufacturing businesses in the UK. Clearwater International acted as financial adviser to the 2 Sisters Food Group.

Green Isle’s outgoing owner is businessman Ranjit Singh, who runs the UK-based Boparan Holdings. It took over Green Isle when it acquired Northern Foods in 2011.

In 2018, Green Isle’s Goodfellas and San Marco pizza businesses were sold to Nomad Foods, which also owns the Birds Eye and Findus brands.