Two of Ireland’s oldest dairies complete merger
Ballyrashane and Town of Monaghan Co-ops confirm deal and describe new merged entity as a ‘platform for growth’, against backdrop of a challenging global market
22 July 2015 | 0
Ballyrashane Co-op and Town of Monaghan Co-op confirmed today the completion of what has been described as a ‘game-changing’ merger, with plans for further significant new investment and growth.
The newly merged company will be called LacPatrick to reflect its size and scale, and global ambitions to grow the business in Ireland and beyond.
LacPatrick will be led by a new board of directors comprising the former two boards, with a new management team headed up by Gabriel D’Arcy and Nigel Kemps, former CEOs of Town of Monaghan Co-op and Ballyrashane Co-op respectively. Gabriel D’Arcy will be the new chief executive, with Nigel Kemps appointed as deputy chief executive.
The newly merged company will have a combined turnover of £260m, (€370m) and employ 300 people. Over 1050 farmers will deliver 560 million litres of milk annually.
Gabriel D’Arcy said: “Our shared geography and production facilities, technologies and customer listings, together with the combined balance sheet strength, offers a unique opportunity to create a true leader in the Ulster dairy food sector, focused on innovation and competitiveness.
Nigel Kemps said: “This merger is particularly necessary when we look at the state of the market and especially the poor returns paid to producers. The size and scale that we now have as a merged entity will ensure we can be more competitive, and achieve better returns. Our aim is to give dairy farmers in the north of the island confidence to grow their own businesses and herds.”
The name LacPatrick has been chosen to reflect the co-op’s ethos. Lac, which is Latin for milk, and Patrick, which is synonymous with the island of Ireland, combine to create a name which underpins the newly birthed co-op’s rich heritage, but also speaks of its ambitions to grow and develop.
Existing product brands, including Champion and Ballyrashane Butter will remain when LacPatrick officially commences trading on 1 September 2015.