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20/06/2002
Amicus acquisition of Adria promises growth
A syndicate led by Chairman Terry McCartney, which includes Amicus Partners, a Northern Ireland private equity company, and other Adria directors, has acquired hosiery company Adria.
The company is to embark on a development project with support, including the provision of share capital, from Invest Northern Ireland.
Adria employs almost 1,300 people at two hosiery-manufacturing plants in Strabane and at a warehouse at Campsie. Ladies, children’s and men’s hosiery is supplied to major high-street multiples throughout the United Kingdom, Ireland and North America.
Speaking about the acquisition, Adria Chairman, Terry McCartney said: “This is great news for Adria and its employees as well as the wider community in the North West, in particular Strabane and Campsie. My fellow directors and I are delighted that our bid for the company has been successful and we are looking forward to developing and growing the business in the months and years ahead.”
Paul Rowan of Amicus Partners said: “Adria has a long and distinguished track record and is recognised internationally as a leading player in the hosiery sector. We intend to develop the international dimension of the business while maintaining strategic control and direction here in Northern Ireland.”
The acquisition from Charnos also involves Invest NI, which will be a minority shareholder in the new business along with two of Adria’s international suppliers.
Leslie Morrison, Invest NI, said: “We are supporting this company’s business plan by taking a significant stake in the new business because of the successful track record of the management team and their commitment to increase the capability of the company to add significant value to its operations. This will be achieved through investment in innovation and knowledge-led initiatives in production, customer services and new brand development for markets outside Northern Ireland.”
Amicus Partners was established three years ago by a group of leading Northern Ireland businessmen which includes Terry McCartney, Adria Chairman, and Paul Rowan, formerly senior partner at Price Waterhouse.
Terry McCartney will remain Chairman of Adria, with fellow directors David Taylor and Niall Birthistle being joined by Carl Francis and Paul Rowan of Amicus Partners.
(SP)
The company is to embark on a development project with support, including the provision of share capital, from Invest Northern Ireland.
Adria employs almost 1,300 people at two hosiery-manufacturing plants in Strabane and at a warehouse at Campsie. Ladies, children’s and men’s hosiery is supplied to major high-street multiples throughout the United Kingdom, Ireland and North America.
Speaking about the acquisition, Adria Chairman, Terry McCartney said: “This is great news for Adria and its employees as well as the wider community in the North West, in particular Strabane and Campsie. My fellow directors and I are delighted that our bid for the company has been successful and we are looking forward to developing and growing the business in the months and years ahead.”
Paul Rowan of Amicus Partners said: “Adria has a long and distinguished track record and is recognised internationally as a leading player in the hosiery sector. We intend to develop the international dimension of the business while maintaining strategic control and direction here in Northern Ireland.”
The acquisition from Charnos also involves Invest NI, which will be a minority shareholder in the new business along with two of Adria’s international suppliers.
Leslie Morrison, Invest NI, said: “We are supporting this company’s business plan by taking a significant stake in the new business because of the successful track record of the management team and their commitment to increase the capability of the company to add significant value to its operations. This will be achieved through investment in innovation and knowledge-led initiatives in production, customer services and new brand development for markets outside Northern Ireland.”
Amicus Partners was established three years ago by a group of leading Northern Ireland businessmen which includes Terry McCartney, Adria Chairman, and Paul Rowan, formerly senior partner at Price Waterhouse.
Terry McCartney will remain Chairman of Adria, with fellow directors David Taylor and Niall Birthistle being joined by Carl Francis and Paul Rowan of Amicus Partners.
(SP)
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