Avoca’s new beginning with Aramark
12 November 2015 | 0
Stylish food and lifestyle retailer Avoca is to be sold to Aramark, a global food, facilities and property company in a deal worth more than €60m. The sale will be subject to approval by the Competition and Consumer Protection Commission.
The exact terms of the deal have not been disclosed, but both companies confirmed that while Avoca will become a part of Aramark’s corporate structure, it will remain a family-run business. Managing director Simon Pratt will remain in his position and join with Aramark’s Irish operation, while founders Donald and Hilary Pratt, and directors Ivan Pratt and Vanessa Pratt will all remain within the business.
According to the Irish Independent, interest in a buyout of the company began when Simon Pratt commented last year that he did not believe control of the company would pass on to the next generation of the family.
Speaking about the deal, he said he believed that in Aramark, Avoca had found a global partner which recognised the brand’s uniqueness and was equally committed to maintaining the company’s heritage. “As a family,” Simon Pratt said, “we are very excited at this latest development for Avoca, and believe it is the right decision for us as a business and a family. Aramark provides us with the corporate structures, the global reach and the resources to reach our fullest potential and to continue to grow nationally and internationally.
“Avoca has been in existence for nearly 300 years,” he added, “and with this acquisition we are securing its future and that of our 85o employees.”