Carlyle Group (Nasdaq: CG) and Cardinal Capital Group have teamed up to acquire Lily O’Brien’s, the Irish manufacturer of premium chocolates and desserts.

Terms of the deal remain undisclosed, but the price is reportedly pegged at abotu $20.5 million.

Carlyle facilitated the deal through its Irish private equity fund Carlyle Cardinal Ireland, a joint venture between the two firms.

This is the first deal for Carlyle Cardinal, which launched in 2013 with more than $170 million in committed capital.

The target was founded by Irish senator Mary Ann O'Brien in her kitchen in 1992.

O’Brien, who will continue to play an active role within the company, along with other investors, including the Queally family, who own Waterford, Ireland-based Dawn Meats Group Ltd.

The deal comes on the heels of another cross-border chocolate deal.

In late December, Istanbul-based food and beverage company Yildiz Holding AS — owner of Godiva chocolates — agreed to buy DeMet’s Candy Co., maker of Turtles chocolates, for $221 million. The deal marked an exit for lower middle-market PE firm Brynwood Capital.


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