Its principal customer is 7-Eleven, which it has partnered for over 20 years, and it is the largest single supplier of Fresh to Go and 7-Smart store-branded sandwiches, servicing over 1100 7-Eleven stores in the Mid-Atlantic region.
In addition, it is an exclusive manufacturer of Casa Buena Cheese and Chili sauces for the entire 7-Eleven chain in the US and Canada.
The consideration of $36.0m (£22.6m) is on a debt-free, cash-free basis with a normalised level of working capital. The transaction will be funded from existing debt facilities and is expected to complete on 18 April.
Patrick Coveney, chief executive officer of Greencore, said:”The new product capability and geographic expansion provide the opportunity to expand further with our existing customers; the acquisition represents the next step in our strategy to build a business of real scale in the US.”
Source: Greencore Group
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