Greencore Group has entered into an agreement to sell its vegetable oil business Trilby to KTC Edibles for approximately €9.8 million.
Trilby is an Irish importer and distributor of vegetable oils and fats for the food processing industry and sells approximately 60,000 tonnes of product each year in the UK, Ireland and the Netherlands.
The deal, which is expected to close in September this year, will enable Greencore to optimise its portfolio for sustainable growth, concentrate efforts and resources on core competencies, and bolster its balance sheet.
Dalton Philips, CEO of Greencore, said: “Trilby is a great business with attractive assets and a fantastic team. However, given our strategic focus on the UK convenience food market, it is no longer a core part of Greencore’s plans. As such, we are very pleased to have found such a good home for Trilby’s operations and colleagues.”
Paresh Mehta, CEO of KTC, added: “We are very excited by the acquisition of Trilby, following a strong period of trading under Greencore’s ownership. KTC see great potential in the Trilby team as an on-the-ground platform to support our growth ambitions in Ireland”.
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