Print
	Email
	Text size
	Comment

A Dublin-based convenience food and ingredients manufacturer has expanded its operations into the US after completing a multi-million pound acquisition.

Greencore Group plc, a supplier of chilled, frozen and ambient foods to retail, manufacturing and foodservice businesses in Europe, has bought Home Made Brand Foods, a chilled food maker.

The group paid $44 million (£22.3 million) for the Massachusetts-based business, with the terms of the deal including a further payment of up to $10 million (£5 million). This will be paid depending on the acquired company’s performance in the year to January 2009.

The acquisition moves Greencore’s business into the North American chilled convenience food market following two years of trying to develop its business in the region.

Home Made was sold by PNC Equity Partners and its management, which is led by Richard Walters. He remains with the company post-acquisition.

The acquired business will trade as Greencore USA, and will be led by new chief executive Fergal Leamy, who moves up from development director of the group’s convenience foods division.

Greencore chief executive Patrick Coveney said this is a strategic deal. “What we are about here is marrying our proven operational capabilities in convenience food with the emerging US consumer and retailer demand for chilled prepared food.

“We have spent the past two years on the ground and are excited by the significant recent increase in the level of retailer investment in chilled food categories and by the positive consumer response to these initiatives,” he added.

Home Made manufactures and supplies fresh food products, such as prepared meals and salads, sandwiches and quiches to regional retailers such as Stop & Shop, Hannaford and Publix. Greencore has sites in four European countries, employing some 8,000 people.

Comments [0]