Acquisition

RNS Number : 5772K

Greencore Group PLC

23 August 2012

 

23 August 2012

GREENCORE ANNOUNCES A BOLT-ON ACQUISITION IN UK READY MEALS

Greencore Group plc ("Greencore") today announces that it has acquired International Cuisine Limited ("ICL"), a private label chilled ready meal business, from the Hain Daniels Group in the UK.  ICL's ready meal facility is based in Consett (County Durham) and the majority of its revenue (approximately £45m) is derived from several existing Greencore ready meal customers.  The acquired facility will also provide additional capacity for Greencore in the ready meals category in the UK, which continues to show strong growth.  The gross assets acquired were £16.7m. 

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 basis.

For further information:

Alan Williams	Chief Financial Officer	Tel: + 353 1 605 1018
Rob Greening / Lisa Kavanagh	Powerscourt	Tel: + 44 207 250 1446

Notes to Editors

1) Greencore:

-       A leading international producer of convenience food

-       Leading manufacturer in the UK convenience food market across sandwiches, chilled prepared meals, chilled soups and sauces, ambient sauces and pickles, cakes, desserts and Yorkshire puddings

-       Extending presence outside the UK with an emerging convenience food business in the US

2)   The Hain Daniels Group in the UK is part of The Hain Celestial Group, Inc., a leading natural and organic products company

3)   Historical financial information for ICL is extracted from unaudited management accounts

 

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