Spain\u2019s Grupo Alacant to buy Irish business just three years after it exited examinership\n<\/p>\n
The Cork-based business is likely to fetch up to \u20ac10m, based on Silver Pail\u2019s strong financial performance since it was acquired by Paul and Niall Condon, and Steve Dwyer. They have already received healthy dividends from Silver Pail since they bought it.<\/p>\n
Grupo Alacant is a portfolio firm of European investment firm Investindustrial, which invested in the Spanish company last year.<\/p>\n
It is one of Spain\u2019s leading independent ice-cream manufacturers, specialising in private label ice-cream for retail clients and co-manufacturing for branded players.<\/p>\n
Grupo Alacant said that the acquisition of the Irish firm \u2013 which is still subject to competition clearance \u2013 will boost its total annual revenue to about \u20ac300m.<\/p>\n
It also saw its pre-tax profits more than double, to \u20ac1.3m<\/p>\n
In 2024, the latest year for which there are publicly available accounts for Silver Pail, the ice-cream maker saw its revenue rise 10pc to just over \u20ac26m.<\/p>\n
It also saw its pre-tax profits more than double, to \u20ac1.3m.<\/p>\n
The accounts also showed that the renewed profitability at the firm enabled it to pay a \u20ac620,000 dividend to its new owners in 2024. At the end of that year, it also had retained earnings of \u20ac2.2m.<\/p>\n
Silver Pail is one of Ireland\u2019s largest ice-cream manufacturers and is specialised in producing premium tubs crafted with locally sourced milk and cream for its blue-chip portfolio of retailers, brand partners and foodservice operators.<\/p>\n
It has a production facility in Fermoy with capacity to deliver what Grupo Alacant said is substantial growth. It employs about 100 people.<\/p>\n
Silver Pail\u2019s customers include major grocery retailers. It has supplied Tesco\u2019s own-brand ice-cream since 2020 and last year launched new products for the retailer.<\/p>\n
\u201cWe are convinced that this transaction will allow us to bring substantial value-add to our customers by combining our historical production expertise with Silver Pail\u2019s local presence and relationships,\u201d Grupo Alacant chairman Per Harkjaer said.<\/p>\n
Grupo Alacant said the acquisition will accelerate its \u201cinternationalisation strategy\u201d in the highly attractive UK and Irish markets and reinforce the combined group\u2019s product portfolio, production and logistics capabilities.<\/p>\n
\u201cThe combined group will leverage on joint R&D efforts to accelerate new product development, share best practices across quality and food safety and capture commercial and operational synergies,\u201d it added.<\/p>\n
Silver Pail Dairy entered examinership in late 2022. It was hit by rising input costs, including higher prices for milk, cream and energy.<\/p>\n","protected":false},"excerpt":{"rendered":"Spain\u2019s Grupo Alacant to buy Irish business just three years after it exited examinership The Cork-based business is…\n","protected":false},"author":2,"featured_media":319882,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[72,61,60,10099,2846,4013],"class_list":{"0":"post-319881","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-business","9":"tag-ie","10":"tag-ireland","11":"tag-john-mulligan","12":"tag-spain","13":"tag-tesco"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/319881","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=319881"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/319881\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/319882"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=319881"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=319881"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=319881"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}