Irish private equity fund Carlyle Cardinal Ireland has agreed to invest in Carroll Cuisine, backing a management buyout of the company from Aryzta.
The deal is expected to close in the second quarter of this year.
Tullamore-based Carroll Cuisine produces and distributes branded and private label pre-packed sliced cooked meats, deli hams, chilled ready meals and other chilled food products. It employs 150 people.
Its existing management team - CEO Kieran Carolan, COO John Comerford and Finance Director Fiona Delaney - have acquired a shareholding in the business and will continue in their roles.
Carlyle Cardinal Ireland has a €292m equity fund which will focus on growth capital and buyout investment opportunities across Ireland. Its investors include the Strategic Investment Fund and Enterprise Ireland.
Recently it has invested in the Kildare-based chocolate manufacturers Lily O'Brien's, an Irish cash management solutions provider and Payzone, a provider of multi-channel consumer payments across Ireland.
