Luxury retail brand Avoca has been sold for approx. €60 million to US Catering group Aramark. The new owners want to bring Avoca to an International market, ideally culminating in the introduction of the luxury retail cafes and outlets to the US Market.
The sale was finalised in Dublin yesterday as is subject to approval from the Competition and Consumer Protection authority. Talks have been in place since Spring, with Aramark Ireland already having a formidable hold of the Irish market and operating in 23 countries overall.
Avoca Managing Director is Simon Pratt, son of founders Donald and Hillary Pratt. He will retain his current role as well as his siblings Ivan and Vanessa, joining the Aramark Ireland team also. The sale is inclusive of the Avoca@Home catering business. Renowned for their fresh food offerings and luxury homeware offerings, Avoca has a number of cafes and outlets in 11 locations across Ireland.
Aramark currently employ more than 120,000 staff worldwide and is the first acquisition by them of a luxury retail brand. President of Aramark Ireland, Donal O’Brien commented ‘We have a huge opportunity to internationalise a truly Irish culinary dining experience. Avoca’s retail operation will provide us with consumer insights that will enable us to identify future trends’.