UK – 2 Sisters Food Group has announced that it has completed the sale of its Green Isle Brands and Donegal catch frozen foods business to a consortium of investors for an undisclosed sum.
The company said the transaction strengthens its balance sheet and reinforces its commitment to its core strategy and key operations.
The business unit which makes frozen vegetables and breads available in Ireland and UK has been sold to a consortium of investors headed by ex-Largo Foods chief Maurice Hickey, with participation from the Ireland Strategic Investment Fund, Ireland’s sovereign wealth fund.
Green Isle Brands Ltd operates from Gurteen (Donegal Catch) and Naas (Green Isle head office) and employs 106 people.
“We are pleased to announce the completion of the sale of the Green Isle Brands & Donegal Catch business to a good new home.
Maurice Hickey is a highly experienced food CEO and we wish him and the team future success,” said Ranjit Singh, President of Boparan Holdings Limited, the parent company of 2 Sisters Group.
“There have been a number of potential buyers for these companies, but as we always make clear, any sale has to be at the right time, with the right buyer, and it had to be a deal that fitted with our long-term strategy.
“This transaction ticks all these boxes, and will help further simplify our business, enabling us to focus on our core and further strengthen our balance sheet.
“With customers and consumers at the heart of everything we do, we will continue to focus on delivering great quality, great value products every day.”
Plans to sell several its businesses were flagged last year as part of the strategy to drive business transformation and organisational changes under the new CEO, Ronald Kers.
Its misfortunes began in 2017 when it was embroiled in in a food hygiene scandal in 2017 at its meat processing plants in the English Midlands, leading to the suspension of orders by major UK supermarkets and a parliamentary hearing, all of which hit profits.
The company has since offloaded several businesses including Manton Wood sandwich business, UK Red Meat, and proposal to sell three of its poultry processing plants in the UK.