Fane Valley Group has acquired Silver Hill Foods, the Monaghan based, premium Irish duck producer and exporter.
The announcement by Stuart Steele, Silver Hill Foods owner, will secure ongoing investment in the development of the existing production site at Emyvale to keep pace with rapidly growing global demand for Silver Hill Foods world class Irish duck.
Mr Steele said: “This is a good news story for our employees first and foremost, for Emyvale and for all our growers, suppliers and customers, especially with Brexit causing uncertainty in this region. Fane Valley has been our long-term feed nutrition partner for over two decades, so this was a very natural fit for both companies.”
The management team that have been running Silver Hill successfully will continue to manage the business with new directors joining the board, representing Fane Valley.
Mr Steele added: “Keeping the business in Irish control and based in Emyvale was an intrinsic part of the negotiations and subsequent sale. Silver Hill Foods has attracted the interest of many potential overseas buyers over the years, particularly from the UK, Europe, and even Asia.”
The acquisition builds on the existing relationship between Fane Valley and Silver Hill and reinforces Fane Valley’s strategic objective of investing in innovative food companies with a strong growth potential.
“Our loyal customers and employees have always been at the forefront of any decisions we have taken regarding the company over the years, and this decision was no different. We have additionally chosen Fane Valley as they share the same values that made Silver Hill successful over the past 56 years.”
Fane Valley Group Chief Executive, Trevor Lockhart commented: “Fane Valley is delighted to have acquired a highly reputable Irish agri-food business such as Silver Hill Foods.
“Fane Valley is committed to future investment in production facilities on the Emyvale site to enable Silver Hill to meet growing demand, particularly in Asian markets including new areas such as Malaysia, Indonesia and Vietnam. We are excited by the growth prospects and the opportunities this will present for all stakeholders in the business including the dedicated grower base.
“We have been impressed by the development and performance of the Silver Hill Foods business over many years and we look forward to working with the Silver Hill team as we seek to realise the undoubted opportunities for their unique range of high-quality duck products in the global marketplace.”
Silver Hill CEO Micheál Briody said the acquisition will give Silver Hill the opportunity to accelerate its growth.
“This is a very strong and positive statement to our workforce. The further investment by Fane Valley in the Emyvale site will benefit the local economy and will result in new job creation and investment in the community,” he said.
“At Silver Hill Foods we are confident in our product offering and the wide appeal that our duck has across existing and new markets worldwide. With Brexit there is a lot of uncertainty in the Food sector in Ireland, particularly around the border region. We are showing our confidence in our employees, our growers and suppliers, our customers and ultimately our belief in Silver Hill Irish Duck.”