Cathal Geoghegan, Managing Director of Henderson Foodservice, said the acquisition is another exciting opportunity to complement the growth and development in the foodservice sector for both companies.
“The acquisition occurs at an exciting time for us as a business. Following a record-breaking turnover in 2018, we’re delighted to welcome the staff and management of Foodco into our company portfolio. Foodco is a terrific company with a strong reputation and loyal customer base and we look forward to supporting the FoodCo team in solidifying their synergy with customers and suppliers.”
The acquisition is in line with Henderson Foodservice’s future strategy and expansion which includes a £25 million investment in new facilities, staff and business development. Ron Whitten, Chief Financial Officer comments, “Our purchase of Foodco follows the successful acquisition of BD Foods in July 2018 and will further strengthen the product portfolio at Henderson Foodservice. It also presents substantial opportunities for us to increase our collective customer base across the island of Ireland.”
The Board of Directors of Foodco, Alan Kelly, Gary McIlroy, Barry Monaghan and Robert Walsh are excited by the future prospects of this acquisition. “This is a great opportunity for the staff and ourselves to continue the expansion of the business by being part of one of the largest foodservice companies in Ireland, Henderson Foodservice.”
“We would like to thank all our staff, customers and suppliers for all the support over the years. We have developed our business through excellent customer service, product innovation and strong personal relationships. Being a part of Henderson Group will copper fasten this and provide us with a strong platform to continue our growth throughout Ireland”
Although acquired as part of Henderson Foodservice, Foodco will operate as a stand-alone business with the existing management and board and will retain its corporate name and identity.
Henderson Foodservice was advised on the deal by Tughans.
John-George Willis, Corporate Partner with legal firm Tughans, said, “Tughans is delighted to have assisted our client Henderson Foodservice as it continues to increase its presence both through natural growth and by way of acquisition of complementary well-run successful businesses in the foodservice sector in Northern Ireland and the Republic of Ireland. A good relationship between the sellers and our client was reflected in equally good cooperation between the respective advisors enabling the matter to be completed in the agreed timescale.”
Cathal Geoghegan, Managing Director of Henderson Foodservice (left) pictured with Foodco director Barry Monaghan.