BGF makes multi-million-euro investment in Dublin Meat Company

3 June 2022

BGF has announced a significant investment in Dublin Meat Company. Dublin Meat Company is a specialist food producer and owner of the Fit Foods range of healthy ready meals which are available nationwide through retailers including Lidl and Dunnes Stores. Dublin Meat Company also operates six craft butcher shops and an online service.

In a simultaneous transaction, Dublin Meat Company is to acquire 100% of Monaghan food processing company, Swift Fine Foods (Swift). Swift employs over 200 people and currently manufactures Fit Foods ready meals for Dublin Meat Company.

The two deals will see BGF take a significant minority position in the enlarged Dublin Meat Company. Both transactions are subject to approval from the CCPC. Bank of Ireland will be providing debt funding alongside BGF’s equity investment.

Dublin Meat Company was founded in 2005 by Paddy O’Leary. It is led today by his sons, Brian and David O’Leary. Dublin Meat Company has grown from an operation centred on six craft butcher shops to a nationwide retailer of the healthy Fit Foods range.

The firm distributes over 120,000 ready meals a week through its network of retailers, its own craft butcher shops and its online service. The Fit Foods range includes breakfasts, soups, snacks, lunches and evening meals. Following completion, Joe Higgins of BGF will join the Board of Dublin Meat Company.

“Dublin Meat Company is a fantastic business, and we are delighted to be able to support their exciting growth plans. This is a perfect example of how growth capital can help to transform a business and fuel its growth. The Swift transaction will be transformational for the company and give it the resources to support the rapidly growing Fit Foods brand.”
Joe Higgins, Investor at BGF

Brian O’Leary, CEO of Dublin Meat Company, said that the deal would underwrite the company’s ambitious plans: “Our Fit Foods range is experiencing rapid growth. Owning our own manufacturing facilities means we will now be able to guarantee the quality and supply of every aspect of our Fit Foods range. We have immediate plans to invest in Swift’s facilities in Monaghan particularly in product development to support existing and new contracts. We are delighted to have BGF on board as an investor for this next stage of growth.”

Clearwater, Ronan Daly Jermyn, Mazars and DPK Stonewood advised Dublin Meat Company on the transactions. BGF was advised by Maples (legal), Gara Ryan (tax) and Navigo Consulting (financial due diligence).