UK’s Domino’s Pizza Group (DPG) has agreed to acquire the remaining 85% stake in Shorecal, Domino’s franchise in the Republic of Ireland and Northern Ireland, for €72m ($78.6m).

With DPG’s subsidiary already holding a 15% stake in Shorecal, the deal will result in DPG owning 100% of the franchise operations in Ireland.

The deal also includes the repayment of Shorecal’s outstanding debt of €19.9m ($21.7m).

Shorecal currently operates 34 out of the 99 Domino’s stores in Ireland.

The acquisition is part of DPG’s strategic growth framework, aimed at expanding its corporate store estate and joint ventures.

The existing Shorecal management team will continue to lead the business, with support from DPG’s recently expanded team.

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Shorecal’s co-majority owner Charles Caldwell said: “Adrian and I are proud to have grown Shorecal over the years to create a strong business, delivering great products to customers across Ireland.

“We are delighted that DPG and the Shorecal team led by George Bertram, CEO, will take the business forward and continue delivering outstanding service to our customers.”

The transaction will close by 31 May 2024, pending the Republic of Ireland’s competition approval.

The sellers will receive 61% of the consideration in cash and 39% in DPG shares.

DPG CEO Andrew Rennie said: “I’m delighted that we have been able to move quickly on the first part of the growth plan we set out in December [2023] and agree terms to acquire the remaining shares in Shorecal.

“We believe there is a significant opportunity for us in Ireland and we are now in an even stronger position to accelerate our growth, open new stores and provide great service and great-tasting products to our customers.”

In July 2023, DPG appointed Andrew Rennie as its new CEO, succeeding Elias Diaz Sese who was appointed as interim CEO in October 2022.