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Greencore acquires UK ready meal business ICL.

M2 EQUITYBITES-August 23, 2012-Greencore acquires UK ready meal business ICL(C)2012 M2 COMMUNICATIONS

Convenience food maker Greencore Group plc (LSE:GNC) has take over International Cuisine Limited (ICL), an own-label chilled ready meal business, the company announced today.

The business was acquired from the Hain Daniels Group in the UK for an undisclosed sum.

ICL has a ready meal facility in Consett, County Durham, and the majority of its revenue (approximately GBP45m) is derived from several existing Greencore ready meal customers. The gross assets acquired amount to GBP16.7m.

Greencore said that it will fund the transaction from existing debt facilities and it will have a minimal impact on the company's leverage.


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Publication:M2 EquityBites (EQB)
Date:Aug 23, 2012
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