Dairy company Ornua has sold a majority stake in its US speciality foods distribution business, DPI Foods, to Arbor Investments.
While the value of the deal has not been announced, it is believed it will result in a gain of €30m for Ornua.
The former Irish Dairy Board is to retain a minority 20% stake in the company.
It said it will use the proceeds to invest in developing its markets in the the US, Europe, the Middle East and China.
"The sale of a majority stake in DPI allows us reinvest the significant proceeds in our core business of building routes to market for Irish dairy products," commented Ornua's CEO Kevin Lane.
He said that 2015 has seen the company make a series of investments in Spain, the US, the UK, Germany and Nigeria, each delivering value for its member co-ops and dairy farmers.
"Arbor’s introduction to the business ensures that the hard work and achievement of the team at DPI can be further built upon in the years ahead," he added.
DPI is one of the largest speciality food distributors in the US, with about 1,800 employees and annual revenues in excess of $1 billion.
In a statement, Ornua said DPI's existing senior management will continue to lead the organisation and operate its eight distribution facilities.
