Silver Bale Dairy ice cream maker sold to Cork investors
The Irish Independent has learned that the country’s largest ice cream maker, Cork’s Silver Bale Dairy, will be bought out of check by a group of wealthy local investors including brothers Paul and Niall Condon.
Eyal Condon and other shareholders sold their Classic Beverages business, a wholesaler of wines and spirits, to Pallas Foods in 2019 for millions of euros. Pallas Foods, based in Limerick, is owned by US food giant Sysco Corporation.
Steve Dwyer was also a shareholder and director of Classic Drinks and is also involved in saving Silver Pail Dairy with Condons.
Paul Condon’s Binate Digital Agency was sold in 2021 to Cork-based Dyjaho Marketing Group. Bennett’s other owners were Adam Hetherington and Mark Condon.
It is understood that the outline of the arrangement submitted to the Supreme Court on Thursday confirms the plan to sell Silver Bale Dairy to a venture owned by Paul and Niall Condon and Steve Dwyer. The trio live in Cork.
A series of creditor meetings will take place next week where the deal is expected to be approved.
the Irish Independent She also understands that Thea Murphy, who was the managing director of Silver Pail Dairies, will continue to be involved in the business. Her father founded the company.
The ice cream company, which employs about 90 people, went into inspection just before Christmas. Shane McCarthy was appointed as a reviewer for KPMG.
The ice cream company’s cash flows were affected by higher energy and dairy costs. It had about €4 million in bank debt at the time it got into difficulty, while other creditors owed about €7 million.
McCarthy was granted an extension to the screening process in late January naming potential bidders.
The Cork trio saw competition from a number of potential suitors to strike a deal to buy the company. Potential buyers are believed to have included Lakeland Dairies and private equity firms.
Silver Bale Dairy Company was founded by the Murphy family over 40 years ago.
Co Cork started out making Softwhip ice cream cones and later developed their product base.
The ice cream business generates sales of around €23 million annually and is a major supermarket multiple among its customers.
The company’s turnover is expected to reach around 30 million euros this year and 34 million euros in 2024.
While the company posted a loss last year and in 2021, it is believed to be in a soft spot on an EBITDA and amortization basis.
Silver Pail customers include Tesco, Dunnes Stores, and Musgrave, the company that controls SuperValu.
In 2021, Korek was awarded a €1.4m contract with Tesco to supply its brand of ice cream to the retailer.
The ice cream company also makes frozen desserts, frozen yogurt, and syrups. Its customers are also believed to include the Irish arm of US ice cream chain Baskin Robbins, which has outlets in Ireland and the UK.