AN AWARD-WINNING Irish chocolate company that went into liquidation last September looks set to enjoy a second bite of the cherry after it was bought by an Australian private investment firm with Irish links.
Danucci, the Louth-based company that supplied gourmet chocolates to Harrods and John Lewis in the UK as well as a number of Irish speciality stores, has been acquired by the Brisbane-based Helsinki Capital Corporation (HCC).
One of HCC’s directors, Noel Kerr, was born and raised in Co Louth and heard of Danucci’s demise while on holidays in Louth. Mr Kerr read a report about Danucci’s plight in a local newspaper.
Danucci Limited, which was founded by Mark and Michelle Lowth in 2005, was wound up in September after it was unable to secure additional investment during a period in examinership. The company, which employed 10 people, had run up a deficit of about €500,000 resulting from the collapse of its UK distribution company and other factors.
Mr Kerr bought the company through HCC shortly after it went into liquidation. To date, the private equity company has invested €1.5 million in the business, with further investment committed for later this year.
The new operating entity will be called Ferdia Fine Foods and will be based in Ardee, Co Louth. HCC has made a “significant” investment in a new plant, which will facilitate a research and development programme, two new brands and a revamped product range.
The new owners have retained the original company founders. Michelle Lowth is the chocolatier behind its products, having trained in Belgium, the UK and France, while Mark Lowth will continue as general manager of the business. Mr Kerr said HCC believed Danucci had “outstanding” potential.
“We believe that we have the right team, resources and enthusiasm and most importantly the right product to become a major player in the gourmet chocolate market both in Ireland and overseas,” he said.
HCC is a hands-on investment business that specialises in acquiring small to medium-sized enterprises (SMEs) with identifiable brands and strong growth prospects. In 2006, Danucci had a turnover of €50,000, which rose to €422,000 by 2008.
