Donworth Capital has invested €3 million in buying two businesses in the Irish food preparation sector, securing 80 jobs in the process.
The company successfully negotiated Kildare-based Taravale Foods out of examinership, and also agreed a deal to buy Galmere Fresh Foods in Galway.
Both businesses manufacture for major retailers and food service providers. Ballybrit-based Galmere Fresh Foods was founded by chef JJ Coppinge in 1980. The company produces freshly prepared salads and soups.
Taravale was founded by Sean Fay in 1995 and produces fresh salads, sandwich fillers and pesto.
The €3 million investment by Donworth will secure 80 jobs between the two concerns. The previous shareholders will remain with the businesses.
Donworth Capital managing partner John Casey said the two food companies have great potential to grow market share in Ireland and overseas.
“Both Galmere Fresh Foods and Taravale have been through extremely challenging times in recent months and this investment brings expertise and a well financed balance sheet to support their future development,” he added.
Donworth Capital was established by Mr Casey and Peter Strange to raise finance for investment primarily in the food and outsourcing sectors.
