Greencore, the UK-listed convenience foods manufacturer, has announced a £56m (€62m) deal to acquire Freshtime, a UK-based food company which specialises in food-to-go salads, chilled snacks and prepared produce.
For its 2018 financial year, Freshtime recorded sales of £66m (€73m) and made pre-tax profits of £5.6m (€6.2m). The business has gross assets of £22m (€24.3m). Greencore said the acquisition will not add to earnings in 2019 but will modestly boost earnings in 2020.
Greencore said the acquisition of Freshtime will extend its presence in food-to-go salads and chilled snacking.
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Freshtime operates from a single production facility located on the east coast of England, which Greencore says has capacity to grow throughput.
Patrick Coveney, chief executive of Greencore, said the Freshtime business would be an “excellent strategic fit” for the group, adding further capacity to its manufacturing network.
Shares in Greencore rallied more than 6% on the back of the announcement.
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Greencore, the UK-listed convenience foods manufacturer, has announced a £56m (€62m) deal to acquire Freshtime, a UK-based food company which specialises in food-to-go salads, chilled snacks and prepared produce.
For its 2018 financial year, Freshtime recorded sales of £66m (€73m) and made pre-tax profits of £5.6m (€6.2m). The business has gross assets of £22m (€24.3m). Greencore said the acquisition will not add to earnings in 2019 but will modestly boost earnings in 2020.
Greencore said the acquisition of Freshtime will extend its presence in food-to-go salads and chilled snacking.
Freshtime operates from a single production facility located on the east coast of England, which Greencore says has capacity to grow throughput.
Patrick Coveney, chief executive of Greencore, said the Freshtime business would be an “excellent strategic fit” for the group, adding further capacity to its manufacturing network.
Shares in Greencore rallied more than 6% on the back of the announcement.
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