Greencore completes acquisition of salads producer Freshtime UK

Ireland-based convenience food manufacturer Greencore Group has acquired Freshtime UK in a deal valued at £56m ($67m).

As per the terms of the agreement, Greencore has acquired the entire issued share capital of The Bay Group, the parent company of Freshtime UK.

To fund the acquisition, Greencore will use existing debt facilities and intends to stay within its medium-term leverage range following the acquisition.

Freshtime is engaged in the production of value-added, ready-to-eat vegetable and salad products for supermarkets and foodservice operators.

The company’s product portfolio includes chilled, prepared vegetables and sandwich fillers. It distributes products primarily in the grocery and convenience channels.

Freshtime operates from a single facility located in Boston, Lincolnshire.

Greencore CEO Patrick Coveney 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.

“We look forward very much to welcoming the Freshtime team to Greencore.”

Through this acquisition, Greencore intends to increase its presence in the food-to-go salads and chilled snacks segment.

Freshtime has a well-invested production facility, with an established local supply chain and capacity for future growth.

The company’s 82,500ft² facility employs around 350 members. Due to its strategic location, the plant can meet the demands of its customers across the country.

In the 12 months ended December 2018, the company reported revenues of £66m.