Sale of Manor Farm ‘to guarantee firm’s viability’
The largest chicken processor in the Republic is the process of being bought by Swedish company Scandi Standard for an initial payment of some €70m, which includes settlement of debt.
Payment will be partly in the form of Scandi Standard shares, and there is also an earn-out mechanism, Manor Farm said. Completion of the transaction needs approval at an EGM of Scandi Standard later in the summer.
Manor Farm, based in Shercock, Co Cavan and which employs 850 people, dates to 1775. It contracts 130 farmers as growers and 43 farmers as breeders .
Vincent Carton and Justin Carton, who own 85% of Manor Farm, are the eighth generation of the family in the business.
Both will still run the company and will become shareholders in Scandi Standard. Vincent said: “In considering a succession of ownership for our family business, my brother Justin and I have been determined to find a partner who will build on our strong relationships with customers, employees, suppliers and the broader communities in which we operate.
"Scandi Standard is that partner, with an outstanding health and quality record in chicken processing. They’re also major chicken product innovators. They understand our business and our commitment to our people. We’re the best at what we do, and Scandi Standard is committed to continuing that.”
A company spokesperson confirmed there would be no loss of jobs, saying the deal “guarantees the Irish chicken producer’s business and will certainly allow for innovation in the future”.
