Alltech buys Ridley for €400m

Dr Pearse Lyons

US firm Alltech, which was founded by Dundalk native Pearse Lyons, has agreed to pay almost €400m to buy a Minnesota-based animal nutrition firm.

Alltech, which has interests ranging from animal nutrition, to beer and whiskey, will acquire Ridley in what Mr Lyons described as a “transformative transaction”.

Ridley is listed on the Toronto Stock Exchange.

Founded in 1980 in Lexington, Kentucky, by Mr Lyons, Alltech has evolved into a business generating $1bn (€900m) a year in sales. Mr Lyons previously worked for Irish Distillers before moving to the United States. He has estimated that the Alltech business is now worth $3bn (€2.7bn).

“This transformative transaction that combines two industry leaders allows Alltech to deliver better performance and value to livestock and poultry producers across the globe,” said Mr Lyons, who indicated earlier this year that he was looking at possible acquisitions or joint ventures to grow the business.

Ridley is one of the largest commercial animal nutrition businesses in North America and its clients include livestock producers as well as equine and pet breeders. Since 1994, it has grown substantially in the US and Canada, through the acquisition of a number of animal nutrition businesses. It also has operations in Kentucky.

Alltech is paying a 23pc premium to Ridley’s average closing share price over the last 20 days.

In its last financial year, Ridley generated revenue of $568.7m (€526m) and recorded adjusted earnings before interest, tax, depreciation and amortisation of $39.3m (€36.3m).

Mr Lyons said that Alltech will be able to bring its advanced nutrition technology to market “faster and more effectively” following the acquisition of Ridley.

“This combination creates a new model to deliver superior animal nutrition and tailored feeding programs supported by robust scientific research and data analytics,” he said. “This deal underscores our continued momentum in growing our business through strategic acquisitions of best-in-class companies with trusted technology and brand recognition.”

The combined company will have a presence in over 128 countries and 4,200 employees worldwide.

Alltech is wholly owned by Mr Lyons and his family and he has previously indicated that he has no intention of diluting their control over the business, despite approaches being made to buy the company.

He qualified as a biochemist from UCD before doing a PhD in Birmingham, and has retained very strong ties with Ireland.

Alltech has established a whiskey distillery in Co Carlow, and the company has been planning to build another distillery in Dublin. Last year, the company bought a disused church opposite the Guinness Hops Store, which it intends to spend €5m on to convert it to a distillery.

Alltech has also held a craft brewing festival in Dublin.

Fitzpatrick’s launch their own brand draught lager

Fitzpatrick’s bar staff David Lennon and Colm Fegan with the new Fitzer’s Own Brew Lager

A popular local pub and restaurant have started to sell their own beer.

Fitzer’s Own Brew Lager recently went on sale in Fitzpatrick’s Bar and Restaurant at Rockmarshall.

A draught pint is €4.50 and samples are available for anyone who wishes to try it. Why not check it out next time you visit?

BBQ in Eden tomorrow

 

Plenty of people will be heading out for tomorrow night’s Champion’s League final but local disco bar Eden will be offering something different for the game as they will be hosting a BBQ for it on their rooftop beer garden.

An excellent deal is going as well, whereby you can get a beer and burger or hot dog for just €6. This is the first in a number of summer BBQs that Eden has lined up.

For the day that’s in it…

Emma Kirk raises an interesting question on Twitter about the apparent lack of beer gardens in Dundalk.

While there are certainly an abundance on the outskirts of the town, the actual heart of Dundalk has been lacking a really good beer garden for a long number of years.

Leaving rural areas aside, it would appear that two of the best and most popular beer gardens in town are at Byrne’s Pub on Hill Street and at Kennedy’s on the Carrick Road.

Getting closer to town, however, anywhere with a beer garden lacks that one key ingredient that makes a beer garden great…. the sun.

The likes of the Bartender, The Century, McManus’, McCourt’s and a handful others have some form of beer garden but none could be described as sun traps. Perhaps one of the best is the roof top beer garden in Eden but their restrictive opening times mean it is not always the solution (certainly not on a Tuesday afternoon).

That only leaves the likes of Toales and the Crowe’s Nest but their areas where sun is present could perhaps best be described as yards rather than beer gardens.

Has anyone come across a better beer garden? Let us know…

Local chipper earns national acclaim

The menu of the mystery chipper

A Dundalk fast food restaurant has gained national prominence for its student burger and beer deals.

The menu for the unnamed chipper has appeared on popular website Joe.ie, who have declared it as “Ireland’s best chipper.”

The menu offers a hamburger, chips and five cans or bottles of either Budweister, Tennants, Dutch Gold or Carling – all for €10.

There is also beer offers from McEneaney’s XL shop on the Avenue Road, suggesting that the mystery take away is close to there.

According to Joe.ie: “The students of Dundalk can be thankful for the bargain deal and should be mindful of the fact that they will be the envy of students, and many others, right around the country.”

Source: We have discovered Ireland’s best chipper (Joe.ie)