Irish retail and food business Avoca is set to sell to US foodservice giant Aramark in a deal said to be in excess of €60 million.
Under the new deal, Avoca will act as a separate business unit within Aramark Ireland and its owners, the Pratt family, will remain involved with the company.
The company, which deals in luxury retail goods, restaurants and cafés, was started by Donald Pratt in the 1970s as a textiles outlet and is now run by his son Simon Pratt, who will remain as managing director.
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Avoca currently has 11 outlets across the island and employs 850 people. The deal is subject to regulatory approval, given Aramark's already extensive operations in Ireland.
Speaking about the takeover, Simon Pratt commented: "Aramark provides us with the corporate structures, the global reach and the resources to reach our fullest potential and to continue to grow both in Ireland and internationally."
Donal O'Brien, president of Aramark's Irish operations said the company will look to extend the Avoca brand's operations in Ireland and elsewhere. "This is an important, strategic investment for Aramark to add innovative new platforms to serve consumers and distinguish our business."
In September it was reported that Avoca's profits increased by 70 per cent as the business cut costs before the takeover.