Convenience food maker Greencore has announced that its subsidiary, Greencore Advances DAC, has entered into an agreement to sell the entire issued share capital of Trilby Trading Limited to K.T.C. (Edibles) Limited, a majority-owned subsidiary of funds managed by private equity firm Endless LLP.
Trilby is one of Ireland’s leading importers and distributors of vegetable oils and fats for the food processing industry and sells approximately 60,000 tonnes of product each year to customers in Ireland, the UK and Holland.
Greencore is selling Trilby for cash consideration of approximately €9.8m, with the proceeds used for general corporate purposes and to strengthen the group’s balance sheet.
Dalton Philips, CEO of Greencore, said: “Trilby is a great business with attractive assets and a fantastic team. However, given our strategic focus on the UK convenience food market, it is no longer a core part of Greencore’s plans. As such, we are very pleased to have found such a good home for Trilby’s operations and colleagues.”
Paresh Mehta, CEO of K.T.C. Edibles, added: “We are very excited by the acquisition of Trilby, following a strong period of trading under Greencore’s ownership. KTC see great potential in the Trilby team as an on-the-ground platform to support our growth ambitions in Ireland.”
