Greencore buys UK ready meals business from Hain

Greencore buys UK ready meals business from Hain

International Cuisine Limited's ready meal facility is based in Consett and the majority of its revenue is derived from several existing Greencore ready meal customers.

Greencore Group plc announced that it has acquired International Cuisine Limited, 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.

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