Kerry agrees €165m deal for Breeo

 

Kerry Group is to buy the Breeo subsidiary of Irish-based Reox Holdings for €165 million, the company said today.

Breeo Foods includes the Dairygold, Galtee, Shaws, Roscrea, Mitchelstown, Calvita and Sno brands. The acquistion also includes Breeo Foods's chilled-foods distribution service.

Kerry said the total consideration payable is €165 million and that the business being acquired had revenue of €188.5 million, gross assets before liabilities of €58.5 million and after adjusting for exceptional items, interest and depreciation, the EBITDA of the business being acquired was €15.1 million.

The acquisition of Breeo is not expected to have a material impact on group earnings per share in the current year.