Carlyle exits Lily O’Brien’s in €40m deal

The €40m deal is to be completed on a debt-free, cash-free basis. Members of Lily O’Brien’s management team also sold their shares in the transaction to Colian.

Lily O’Brien’s will continue to be run by its existing Irish management team led by CEO Eoin Donnelly, with Mary Ann O’Brien remaining as a director and consultant to the company.

The brand intends to develop through further investment in its Newbridge operations to support growth in production, sales and marketing.

Carlyle first invested in the firm in 2014 via its Carlyle Cardinal Ireland fund (CCI) for an estimated £12.5m, according to unquote” data.

Colian Holdings is listed on the Warsaw Stock Exchange and exports to 60 countries around the world.  It also owns the UK chocolate brand Elizabeth Shaw.

The acquisition is expected to complete later in January 2018.

Previous funding
In January 2014, Carlyle’s Ireland-focused fund invested in the premium chocolate and dessert maker. The investment was made via its Carlyle Cardinal Ireland fund (CCI), which is focused on investing in small and medium-sized businesses in Ireland.

Carlyle held a final close for the CCI fund on €292m in July 2014. The fun targets mid-cap investments in the technology, media, telecommunications, healthcare, cleantech, consumer brands, specialist manufacturing and financial services sectors.

Company
Based in Kildare and founded in 1992 by Mary Ann O’Brien, Lily O’Brien’s manufactures high-end chocolates and desserts which it sells via its website to high-street retailers and airlines. The firm exports 80% of its products and the brand is sold in 16 countries.

It employs a staff of 120 at its Newbridge plant and generated a turnover of €30m during 2016.

People
Carlyle – Jonathan Cosgrave (managing director).
Lily O’Brien’s – Eoin Donnelly (CEO); Mary Ann O’Brien (founder).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Exits
• UK / Ireland
• Consumer
• Ireland
• Poland
• Carlyle Group
• Trade sale