Kildare-based chocolate and dessert manufacturer Lily O'Brien's has been bought by a Polish company for €40 million.
The Irish company, which employs 120 people in Newbridge, has been sold by the Carlyle Cardinal Ireland Fund and members of the Lily O'Brien's management team.
It has been bought by Polish group Colian Holdings, which is listed on the Warsaw Stock Exchange and produces confectionary and culinary products.
Lily O'Brien's was founded by Mary Ann O'Brien in the kitchen of her home in 1992.
During 2016 it had revenues of more than €30 million.
Carlyle Cardinal Ireland Fund bought a majority shareholding in Lily O'Brien's in 2014.
Other key shareholders were Mary Ann O'Brien and CEO Eoin Donnelly.
Mr Donnelly will continue to lead the company and Mary Ann O'Brien will remain as a director and a consultant.
Nick Corcoran, founder of Cardinal Capital Group, said private equity had been an important source of funding for Irish companies and management teams.
Over the past four years the Carlyle Cardinal fund has invested in a series of Irish companies including AA Ireland, Carroll's and Sam McCauley.
