Greencore Completes Disposal of Dutch Convenience Food Business
Leading UK and Irish convenience food manufacturer Greencore Group has completed the sale of its Netherlands-based convenience foods business, Greencore Continental, to Convenience Foods Europe, a subsidiary of Parcom Buy Out Fund IV.
Greencore Continental supplies sandwiches, chilled pizzas and chilled sauces to customers based in Continental Europe. It operates from two facilities located at Liessel and Alphen in The Netherlands. The turnover of Greencore Continental was Eur58.2m for the year ended 25th September 2009 and the net assets of the business were Eur12.7m at that year end date.
Partrick Coveney, chief executive of Greencore.
The proceeds from the deal will be used to reduce Greencore’s net debt. According to Partrick Coveney, chief executive of Greencore, the disposal is in line with the group’s strategy of developing an industry leading position in convenience foods in the UK supplemented by a growing convenience foods business in the US.
Greencore enjoys strong market leadership positions in the UK convenience food market across sandwiches, chilled prepared meals, chilled soups and sauces, ambient sauces and pickles, cakes and desserts and Yorkshire puddings.
