Investindustrial-Backed Grupo Alacant Acquires Silver Pail for Up to €10 Million

Grupo Alacant, a portfolio company of European investment firm Investindustrial, has reached a definitive agreement to acquire Silver Dairy Ventures, known as Silver Pail, Ireland’s largest ice cream manufacturer. The deal, likely to fetch up to €10 million, will bolster Grupo Alacant’s revenue to approximately €300 million and accelerate its expansion into the UK and Irish markets.

Silver Pail’s Turnaround and Financial Performance

The acquisition comes just three years after Silver Pail exited examinership, a form of insolvency protection in Ireland. Since being acquired by Paul and Niall Condon, and Steve Dwyer, the company has demonstrated strong financial recovery, allowing them to receive dividends. In 2024, Silver Pail’s revenue increased by 10% to just over €26 million, with pre-tax profits more than doubling to €1.3 million . The company likewise distributed a €620,000 dividend to its owners and held retained earnings of €2.2 million at the end of the year.

Grupo Alacant’s Strategic Expansion

Grupo Alacant, founded in 1972 and headquartered in Alicante, Spain, specializes in private label ice cream production for retailers and co-manufacturing for branded players . The company produces a diverse range of frozen desserts, including tubs, cones, lollies, and vegan options. Investindustrial invested in Grupo Alacant in April 2025 .

According to Grupo Alacant chairman Per Harkjaer, the acquisition will combine their production expertise with Silver Pail’s established local presence and relationships. The combined group will focus on joint research and development, sharing best practices in quality and food safety, and capturing commercial and operational synergies .

Silver Pail’s Operations and Market Position

Silver Pail operates a production facility in Fermoy, Ireland, with the capacity for substantial growth, and employs approximately 100 people. The company specializes in premium ice cream tubs made with locally sourced milk and cream, serving major grocery retailers, brand partners, and foodservice operators. Silver Pail has been a supplier of Tesco’s own-brand ice cream since 2020 .

The acquisition remains subject to competition clearance.