Clearwater International advises Dublin Meat Company on its investment from BGF and its simultaneous acquisition of Swift Fine Foods
Clearwater International has advised Dublin Meat Company (DMC), a specialist food producer and owner of the Fit Foods range of healthy ready meals, on its significant investment from growth capital investor, BGF and the simultaneous acquisition of Swift Fine Foods by DMC.
Founded in 2005 by Paddy O’Leary and led today by his sons, Brian and David O’Leary, DMC has grown from an operation centred on six craft butcher shops to a nationwide retailer of the healthy Fit Foods range. The firm distributes over 120,000 ready meals a week through its network of retailers, its own craft butcher shops and its online service. The Fit Foods range includes breakfasts, soups, snacks, lunches, and evening meals.
BGF is Ireland’s largest growth capital investor. BGF’s investment will be used for working capital to support growth in the existing business and to finance the acquisition of a leading Irish food processing business, Swift Fine Foods. Swift employs over 200 people and currently manufactures Fit Foods ready meals for Dublin Meat Company.
The two deals will see BGF take a significant minority position in the enlarged DMC, while the Bank of Ireland will be providing debt funding alongside BGF’s equity investment.
Both the investment and acquisition of Swift Fine Foods are subject to approval from the Competition and Consumer Protection Commission (CCPC).