Silver Hill Foods, the Co. Monaghan duck producer, has been acquired by Fane Valley, the Northern Irish agri-food group.
The value of the transaction was undisclosed.
Fane Valley has been Silver Hill Foods’ feed nutrition partner for over 20 years.
Stuart Steele, Silver Hill Foods owner, said that the transaction will secure investment for the development of its production site at Emyvale.
“This is a good news story for our employees first and foremost, for Emyvale and for all our growers, suppliers and customers, especially with Brexit causing uncertainty in this region,” Steele said.
“Fane Valley has been our long-term feed nutrition partner for over two decades, so this was a very natural fit for both companies.”
Silver Hill will retain its management team, with new directors joining its Board to represent Fane Valley.
Steele said that keeping the business in Irish control and based in Emyvale was “an intrinsic part” of the negotiations, noting that the company has attracted a lot of foreign attention.
Fane Valley Group, Chief Executive, Trevor Lockhart, added that his group is proud to invest in such a “highly reputable” business.
“We are excited by the growth prospects and the opportunities this will present for all stakeholders in the business including the dedicated grower base,” he said.
“We have been impressed by the development and performance of the Silver Hill Foods business over many years and we look forward to working with the Silver Hill team as we seek to realise the undoubted opportunities for their unique range of high-quality duck products in the global marketplace.”
Micheál Briody, CEO of Silver Hill, said that the acquisition will give the company the opportunity to accelerate its growth.
“The further investment by Fane Valley in the Emyvale site will benefit the local economy and will result in new job creation and investment in the community,” he added.
“With Brexit, there is a lot of uncertainty in the Food sector in Ireland, particularly around the border region. We are showing our confidence in our employees, our growers and suppliers, our customers, and ultimately our belief in Silver Hill Irish Duck.”
© 2019 Checkout – your source for the latest Irish retail news. Article by Aidan O’Sullivan. Click subscribe to sign up for the Checkout print edition.