Deal of the day
The Irish convenience foods group Greencore has boosted its food-to-go operation with the acquisition of Sandwich Factory Holdings from UK rival Cranswick for up to £15m (US$19.7m).
Sandwich Factory produces a range of food-to-go products for convenience stores and the travel sector at its site at Atherstone in Warwickshire, and the company achieved a turnover of £42m in the year to the end of March. Cranswick acquired the business for an undisclosed sum in 2003.
Greencore CEO Patrick Coveney said the acquisition would extend his group’s reach in the rapidly growing food-to-go market into customer channels where it was “currently under-represented” and also widen its porfolio of products.
Greencore will fund the purchase, which it expects to be “moderately accretive” to earnings from next years onwards, from its existing debt facilities.
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