Menu
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)
Related Northern Ireland News Stories
Click here for the latest headlines.
13 June 2002
Local businessmen behind Adria acquisition
Private equity group, Amicus Partners has acquired a majority stake in Adria, the UK's largest private label hosiery manufacturer.
Local businessmen behind Adria acquisition
Private equity group, Amicus Partners has acquired a majority stake in Adria, the UK's largest private label hosiery manufacturer.
07 November 2002
Political crisis threatens confidence, investment and jobs
Three-quarters of Northern Ireland business leaders say the collapse of the Good Friday Agreement would destroy business confidence. The unexpected result was part of a BBC Northern Ireland Business Day Poll survey which also revealed that if current levels of violence escalate, half of local employers would postpone planned investment or cut jobs.
Political crisis threatens confidence, investment and jobs
Three-quarters of Northern Ireland business leaders say the collapse of the Good Friday Agreement would destroy business confidence. The unexpected result was part of a BBC Northern Ireland Business Day Poll survey which also revealed that if current levels of violence escalate, half of local employers would postpone planned investment or cut jobs.
17 October 2024
Grant Scheme To Boost Rural Businesses In Northern Ireland
The Department of Agriculture, Environment and Rural Affairs (DAERA) has announced the launch of the Rural Business Development Grant Scheme. This initiative aims to provide financial support to micro businesses located in rural areas across Northern Ireland.
Grant Scheme To Boost Rural Businesses In Northern Ireland
The Department of Agriculture, Environment and Rural Affairs (DAERA) has announced the launch of the Rural Business Development Grant Scheme. This initiative aims to provide financial support to micro businesses located in rural areas across Northern Ireland.
16 April 2010
Developers Should 'Prepare' For NAMA
Local property developers have been urged to prepare for impending demands for an asset-related business plan.
Developers Should 'Prepare' For NAMA
Local property developers have been urged to prepare for impending demands for an asset-related business plan.
13 June 2006
1,000 jobs to be created in Belfast
Around 1,000 jobs are to be created in Belfast, it has been announced. Indian company, ICICI OneSource, one of the country's largest business processing outsourcing (BPO) firms, is to open a call centre in the city, creating over 1,000 jobs over the next two-years.
1,000 jobs to be created in Belfast
Around 1,000 jobs are to be created in Belfast, it has been announced. Indian company, ICICI OneSource, one of the country's largest business processing outsourcing (BPO) firms, is to open a call centre in the city, creating over 1,000 jobs over the next two-years.
-
Northern Ireland WeatherToday:A showery start with outbreaks most frequent north of Lough Neagh and through the morning, before dwindling during the afternoon as the northwest breezes ease and brighter spells of weak sunshine prosper. Maximum temperature 8 °C.Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.
