Greencore buys own-label ready meal business

By Mike Stones

- Last updated on GMT

Related tags Food Tv dinner Meal

Greencore has acquired International Cuisine Limited from the Hain Daniels Group
Greencore has acquired International Cuisine Limited from the Hain Daniels Group
Chilled food manufacturer Greencore has acquired the own-label chilled ready meal business International Cuisine Limited (ICL) from the Hain Daniels Group in the UK for an undisclosed sum.

A statement from Greencore pointed out: “The transaction will be funded from existing debt facilities and will have a minimal impact on the group's leverage, which we still anticipate will remain below 3.0 times at end September 2012 on a net debt to EBITDA​ [earnings before interest, tax, depreciation and amortisation] basis.”

Ready meal customers

Based in Consett, County Durham, most of ICL’s most of its revenue of about £45M is derived from several existing Greencore ready meal customers, said the firm.

ICL’s facility will also provide additional capacity for Greencore in the ready meals category in the UK, which “continues to show strong growth,”​ said Greencore. ICL's gross assets acquired were valued at £16.7M.

Established in 1988, ICL makes chilled and frozen meals for the UK and European retail and foodservice markets.

The firm was owned by Hain Daniels Group, the UK arm of US multi-national food manufacturer Hain Celestial.

Meanwhile, Premier Foods today (August 23) announced the sale of its sweet spreads and jams business to Hain Celestial for £200M. To read more, click here​.

To read the City analysts' verdict on the acquisition, click here​.

 

Related news

Show more

Related suppliers

Follow us

Featured Jobs

View more

Webinars

PRODUCTS & SERVICES