A new name marks a new shared future for two of the oldest dairies on the island of Ireland with official confirmation of the merger of Ballyrashane and Town of Monaghan Co-ops.
Hailed as a ‘platform for growth’, against a backdrop of a challenging global market the new business, to be known as LacPatrick, has been described as a ‘game-changing’ merger with plans for further significant new investment as a critical part of the new Co-op’s growth strategy.
LacPatrick will be led by a new Board comprising the former two Boards, with a new management team headed up by chief executive Gabriel D’Arcy and deputy Nigel Kemps, former CEOs respectively of Town of Monaghan and Ballyrashane.
“I am delighted with the strong confirmatory vote from both sets of shareholders, and that our companies are coming together to become a powerful new force in the Ulster dairy sector,” said Mr D’Arcy.
“We now have the scale and ambition to win in what is currently a very challenging and competitive marketplace.”
Mr Kemps said: “This merger is particularly necessary when we look at the state of the market and especially the poor returns paid to producers.
“The size and scale that we now have as a merged entity will ensure we can be more competitive, and achieve better returns.
“Our aim is to give dairy farmers in the north of the island confidence to grow their own businesses and herds.
“LacPatrick as a combined entity can achieve scale and volumes, delivering more than the two separate companies could have done on their own.”
The name LacPatrick aims to reflect the core ethos of the newly merged Co-op, which is to bring its innovative and excellent dairy products to consumers at home and internationally, the firm said.