Manor Farm bought out by Swedish firm
Manor Farm, the largest chicken processor in the Republic of Ireland, is in the process of being bought by Swedish giant Scandi Standard, the company has announced.
27 June 2017
The purchase of Manor Farm by Swedish giant Scandi Standard involves an initial payment of approximately €70m, a figure that includes settlement of debt. This payment will be partly in the form of Scandi Standard shares. There is also an earn-out mechanism. Completion of the transaction will require approval at an Extraordinary General Meeting of Scandi Standard later in the summer.
Manor Farm is one of Ireland’s oldest family businesses, dating back to 1775. It contracts 130 farmers as growers and 43 farmers as breeders, and employs approximately 850 people. It operates its own feed mill close to its processing plant in Sherlock, Co. Cavan.
Vincent Carton and Justin Carton, who own 85% of Manor Farm, are the eighth generation of the family in the business. Both will continue to run the company and will become shareholders in Scandi Standard.
“In considering a succession of ownership for our family business, Justin and I have been determined to find a partner who will build on our strong relationships with customers, employees, suppliers and the broader communities in which we operate,” Vincent Carton said. “With an outstanding health and quality record in chicken processingm Scandi Standard is that partner.
“They are also major chicken product innovators,” he added. “They understand our business and our commitment to our people. We’re the best at what we do, and Scandi Standard is committed to continuing that.”