Our deal advisory team are delighted to have acted as corporate finance adviser on Joyce’s Supermarkets sale to Tesco Ireland subject to CCPC approval. Joyce’s are one of Ireland’s largest independent retail supermarkets
Patrick C Joyce started the family business in Headford in 1951 with a small grocery store and followed this with a travelling shop which developed into a general supermarket. Pat Joyce took over the business in 1988, since then 9 more supermarkets have been opened in Knocknacarra, Athenry, Tuam, Inverin, Ballybane, Fr. Griffin Road, Doughiska, Oranmore and Oughterard. Joyce’s Supermarkets success is underpinned by its strong emphasis on customer service, locally sourced products and the value, quality and range of products on offer in their stores. The group employs over 500 people.
Pat Joyce, founder and CEO of Joyce’s, said: "I’m very pleased to pass our business on to an established brand in Tesco that promotes quality and excellence across its business, and which has an established presence in the Irish market. I wish to express our gratitude for the loyal support of our staff, suppliers and customers and I would like to sincerely thank them for being part of our journey over many years. We would to thank the Mazars Deal team, led by John Bowe, Damian Connaughton and Daniel Gallery for their expertise, professionalism and invaluable guidance in leading this deal to a successful conclusion".
John Bowe, Mazars Partner, Deals – Mergers & acquisitions, said: "Mazars in Ireland are delighted to have advised Joyce’s Supermarkets, Pat, Aisling and Breda on this transaction, pending Competition and Consumer Protection Commission approval. This is a fantastic deal for Joyce’s Supermarkets and Tesco. The fact that this is Tesco’s first investment in a portfolio of stores in the Republic of Ireland since their entry to the market highlights the strength of the business that the Joyce family built. This transaction establishes our credentials in retail M&A and deal execution".
Tesco has operated in the Irish retail market since 1997, and with 151 stores nationwide and five in Galway, it employs over 13,000 people in cities and towns around Ireland, supporting almost 45,000 jobs directly and indirectly. It partners with over 490 Irish suppliers - of which almost three-quarters are small and medium enterprises - which in turn supports almost 14,000 farming families around Ireland.