UK-based food manufacturing company 2 Sisters Food Group (2SFG) has completed the divestment of its Green Isle Brands frozen food business.
A consortium of investors led by food industry executive Maurice Hickey and the Ireland Strategic Investment Fund acquired Green Isle Brands from Boparan Holdings, the parent company of 2SFG.
Financial details of the deal have not been disclosed.
Headquartered in Naas, County Kildare, Green Isle Foods is a frozen food manufacturer. It specialises in the production of fish, vegetables and pastries for Irish and international markets.
With the completion of the deal, 2SFG’s balance sheet is expected to be strengthened.
With a workforce of 106 people, Green Isle Brands operates from Gurteen (Donegal Catch) and Naas (Green Isle head office).
Boparan Holdings president Ranjit Singh said: “We are pleased to announce the completion of the sale of the Green Isle Brands & Donegal Catch business to a good new home. Maurice Hickey is a highly experienced food CEO and we wish him and the team future success.
“There have been a number of potential buyers for these companies, but as we always make clear, any sale has to be at the right time, with the right buyer, and it had to be a deal that fitted with our long-term strategy.
“This transaction ticks all these boxes, and will help further simplify our business, enabling us to focus on our core and further strengthen our balance sheet.
“With customers and consumers at the heart of everything we do, we will continue to focus on delivering great quality, great value products every day.”
Last November, 2SFG reached an agreement to sell its Manton Wood sandwich business to Samworth Brothers, owner of Cornish pasty maker Ginsters, for an undisclosed sum.
