Irish retailer Avoca is to be acquired by US food services company Aramark in a deal believed to be worth in excess of €60m.
Avoca has 11 outlets across the island and has been run by the Pratt family since it was founded in the 1970s. It employs 850 people.
Under the terms of the deal, Avoca will be a separate business unit within Aramark's Irish operations and the Pratt family will remain involved in the company.
Simon Pratt, Managing Director of Avoca will remain in his current position and will join the senior management team for Aramark’s operations in Ireland.
Founders Donald and Hilary Pratt will also remain in the business as will current directors Ivan Pratt and Vanessa Pratt.
Given Aramark's extensive catering operations in Ireland already, the takeover will be subject to regulatory approval.
"Aramark provides us with the corporate structures, the global reach and the resources to reach our fullest potential and to continue to grow both in Ireland and internationally," commented Simon Pratt in a statement today.
If the deal is approved, Aramark said it intends to expand the Avoca brand both within Ireland and abroad.
"This is an important, strategic investment for Aramark to add innovative new platforms to serve consumers and distinguish our business," said Donal O’Brien, President of Aramark’s Irish operations.
"A retailer like Avoca will provide us with consumer insights that will enable us to identify future trends and ensure our clients are ahead of the curve in meeting their customers’ needs," he added.
