Silver Pail, the country’s largest ice-cream manufacturer, is to be acquired by Spain’s Grupo Alacant for an undisclosed sum.
The Cork-based business was sold to investors in 2023 after it entered examinership but has returned to profitability since.
Based in Fermoy, it employs about 100 people.
2024 accounts for the company show revenue that year increased by 10 per cent to €26 million with pre-tax profits more than doubling to €1.3 million.
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The company was on the brink of closure in 2021 after a surge in input costs related to higher milk and cream prices hit the bottom line. It entered examinership the following year before being taken over by Cork businessmen Paul and Niall Condon and Steve Dwyer.
Grupo Alacant,a subsidiary of European investment firm Investindustrial, is one of Europe’s leading ice cream manufacturers specialising in private label retailer brands.
It said it had entered into a definitive agreement, pending regulatory approval, to acquire Silver Pail and that the combined group was expected to generate annual revenues of approximately €300 million.
It said Silver Pail had a production facility in Fermoy with capacity to deliver substantial growth.
“This acquisition will allow Grupo Alacant to accelerate its internationalisation strategy in the highly attractive UK and Irish markets and reinforce the combined group’s product portfolio, production and logistics capabilities, enabling the group to better serve its blue-chip customer base,” it said.
Sales director of Silver Pail Paul Condon: “We are very enthusiastic about our partnership with Grupo Alacant and believe this partnership will allow Silver Pail to become a leading player in the region for years to come supported by Grupo Alacant’s production expertise and broad product portfolio whilst remaining true to the qualities that make this business unique.”
Per Harkjaer, chairman of Group Alacant said: “We are convinced that this transaction will allow us to bring substantial value-add to our customers by combining our historical production expertise with Silver Pail’s local presence and relationships.”
“Furthermore, we intend to invest in Silver Pail’s industrial footprint and workforce to support Silver Pail’s continued development in the ice cream industry in the region,” he said.
