Convenience food maker Greencore has acquired Freshtime UK Ltd., a supplier of food-to-go salads, chilled snacks and prepared produce, in a deal worth £56m.
Operating from single facility in Boston, Lincolnshire, Freshtime distributes its products primarily in the grocery and convenience channels. Last year, it generated revenues of £66m and a pre-tax profit of £5.6m.
Ireland-headquartered Greencore stated that the acquisition will bolster its presence in food-to-go salads and chilled snacking with the customer base highly complementary to its own. Greencore already distributes a large proportion of Freshtime’s products through its Direct to Store network.
Commenting on the deal, Patrick Coveney, CEO of Greencore, said: “Freshtime is an excellent strategic fit for Greencore. It is a business and a customer set that we know very well and it provides us with an exciting opportunity to enhance our product offering, add further capacity to our manufacturing network, and help drive growth and value for shareholders.”
