DCC Food & Beverage acquires 100% of Allied Foods
DCC plc's Food & Beverage division has reached agreement, subject to the clearance of the Competition Authority in Ireland, to acquire 100% of its associate company Allied Foods Limited.
DCC first invested in Allied Foods in 1989 and has owned 50% of the voting share capital and 51.5% of the total share capital of Allied Foods' holding company, Millais Investments Limited, since 1998.
DCC is now acquiring the other 50% of the voting share capital and the other 48.5% of the total share capital for €14.5m.
Allied Foods is a leading player in the Irish chilled and frozen food distribution market with substantial operations based in Dublin and Cork.
Its subsidiary, Allied Logistics, is the leading temperature controlled logistics provider to some of the largest food retailers and suppliers in Ireland. It has 237 full-time employees.
Allied Foods is generating operating profits of approximately €3.5m per annum and is unborrowed with a modest cash surplus.
Jim Flavin, chief executive/deputy chairman of DCC plc, said today: "The acquisition of 100% of the Allied Foods group strengthens the position of DCC Food & Beverage in the growing food service and chilled and frozen food sectors in Ireland. Allied has a strong management team and excellent facilities that will drive the company's continued growth in the years ahead."
