Polish food producer and distributor Colian Holding, owner of UK chocolate brand Elizabeth Shaw, has agreed a €40 million deal to acquire Irish chocolatier Lily O’Brien’s.
Colian Holding has agreed the deal on a debt-free, cash-free basis with Lily O’Brien’s existing shareholders The Carlyle Group and members of Lily O’Brien’s management team.
The Carlyle Group said the deal is expected to be completed later this month, and Lily O’Brien’s will retain its current management team when the deal is concluded.
The chocolatier exports premium chocolate to over 15 countries and currently employs 120 staff at its Newbridge factory in Ireland. The brand registered revenue in excess of €30 million in 2016.
Eoin Donnelly, CEO of Lily O’Brien’s said: “We selected Colian as the new owner for the business given our shared vision of growing our brand globally.
“Colian exports to over 60 countries worldwide, providing us with access to potential new markets, and their commitment to new product development and innovation is very exciting for employees and the company”.
© FoodBev Media Ltd 2019