North Cork ice-cream maker’s Spanish multi-million deal approved by regulator

The acquisition of Cork ice-cream maker Silver Pail by a Spanish company in a multimillion-euro deal has been cleared by the competition regulator.

Silver Pail employs 100 people at its manufacturing site in Fermoy, which was established in 1978 by dairy scientist Michael Murphy. The combined group is expected to generate sales of €300m.

Silver Pail sales director, Paul Condon, said: “We are very enthusiastic about our partnership with Grupo Alacant and believe this partnership will allow Silver Pail to become a leading player in the region for years to come, supported by Grupo Alacant’s production expertise and broad product portfolio, whilst remaining true to the qualities that make this business unique.”

Silver Pail specialises in premium tubs crafted with locally sourced milk and cream for retailers and food-service operators like Tesco and Aldi.

The company entered an examinership process in December 2022, after lower sales during the pandemic and rising energy and commodity prices, but has turned around its fortunes, since Mr Condon and his brother, Niall, invested in the company. Silver Pail’s revenues increased by 10% in 2024 to €26m, with gross profits of €4.1m and operating profits for the year of €1.45m.

In 2023, Grupo Alacant had revenues of €226.1m, selling 99m litres of ice cream.

“We are convinced that this transaction will allow us to bring substantial value-add to our customers, by combining our historical production expertise with Silver Pail’s local presence and relationships,” said Grupo Alacant chair, Per Harkjaer.