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January 28, 2021

Kerry Group ‘could put consumer division on market in weeks’

Kerry Group, the Ireland-based food and ingredients firm, may officially put its consumer-facing division on the market "within weeks", according to a report.

By Dean Best

Kerry Group, the Ireland-based food and ingredients firm, reportedly may officially put its consumer-facing division on the market “within weeks”.

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According to The Irish Independent newspaper, the division, home to brands including Richmond sausages and Pure dairy-free spreads, is likely to be divided up for sale rather than a wholesale disposal.

The newspaper wrote this morning (28 January) Kerry is expected to initiate a formal sales process for its consumer-facing division to “flush out buyers” by the end of the current quarter and possibly as early as its annual results on 16 February.

A number of interested bidders appear to be in the running.

The newspaper said several sources suggested London-based private-equity firm CapVest Partners, which already owns a number of food businesses including Ireland’s Valeo Foods and Eight Fifty Food Group, is a “strong candidate to bid for the Irish part of the business”, which houses chilled brands such as Galtee cheese.

just-food has approached Kerry for comment on the proceedings.

CapVest said it had no comment to make when approached by just-food.

The newspaper claims Kerry's ready-meals business in the UK maybe more problematic in terms of finding a buyer, although its sources suggest private-label manufacturers Greencore and Bakkavor, along with the Ginsters pasty brand owner Samworth Brothers, could be interested.

Goodbody, a Dublin-based financial services firm, estimates the value of the consumer-facing division at EUR650m (US$786.6m), according to today's report in The Irish Independent, and has suggested the Irish and UK operations will be split up for sale. 

There has been much speculation over the future of Kerry's businesses in recent weeks. Nine days ago the same publication reported, citing sources, Kerry Co-operative Creameries is set to buy a 60% stake in Kerry Group's primary dairy operations, and said the co-op's board had agreed to go ahead with the purchase.

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Free Report
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What are the key consumer trends driving FMCG in 2022?

The consumer landscape has permanently changed since the COVID-19 pandemic began, prompting trends to emerge or accelerate, causing subsequent macro-economic shifts. In order to stay relevant, Consumer Packaged Goods companies must stay abreast of these developments. It is here that GlobalData can offer valuable assistance. Download GlobalData’s Trendsights: Trends to Watch in 2022 report to:
  • Gain insight into the 12 most important trends across the FMCG value chain
  • See the consumer survey data that underpins these insights
  • Learn what early-movers are already doing in terms of NPD and product marketing
Take a look at this report to give yourself the best standing in this developing market.
by GlobalData
Enter your details here to receive your free Report.

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