ACQUISITION OF US BUSINESS (5037B)
17 4월 2012 - 9:35PM
UK Regulatory
TIDMGNC
RNS Number : 5037B
Greencore Group PLC
17 April 2012
17 April 2012
GREENCORE GROUP PLC - ACQUISITION OF US BUSINESS
Greencore Group plc ("Greencore") today announces the agreement
to acquire Marketfare Foods, LLC, ("Marketfare") for a
consideration of $36.0 million (GBP22.6m) ("the Acquisition").
Marketfare is a leading manufacturer of food to go products for
convenience and small stores in the US. 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.
For the year ended 27 January 2012, revenue for Marketfare was
$65 million (GBP40.9m) and EBITDA was $5.7 million (GBP3.6m). Gross
assets at 27 January 2012 were $20.1 million (GBP12.6m). The
consideration of $36.0 million (GBP22.6m) 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. It is expected to be modestly
earnings accretive from the first financial year of ownership.
Integration and transaction expenses are estimated at $3.5m
(GBP2.2m) and will be treated as an exceptional item.
Commenting on the Acquisition, Patrick Coveney, Chief Executive
Officer of Greencore, said: "The acquisition of Marketfare
represents an excellent opportunity for us to further develop our
food to go business in the US, building on the successful
acquisition of On a Roll in December 2010. It builds additional
scale with 7-Eleven, provides new competencies for us in the fast
growing food to go category and extends our geographic footprint
principally along the Eastern seaboard. 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."
Conference Call
A conference call for investors and analysts will be held at
2.30pm BST today. Dial in details are below and a replay facility
will be available afterwards at www.greencore.com.
UK/International +44 20 3140 8286
Ireland +353 1 486 0916
Access code: 3109147#
For further information:
Patrick Coveney Chief Executive Tel: +353 1
Officer 605 1045
---------------- ---------------- --------------
Alan Williams Chief Financial Tel: + 353 1
Officer 605 1018
---------------- ---------------- --------------
Greg Lawless / Powerscourt Tel: + 44 207
Lisa Kavanagh 250 1446
---------------- ---------------- --------------
NOTES TO EDITORS
1) Greencore:
- A leading international producer of convenience food
- Strong market positions in the UK convenience food market
across sandwiches, chilled prepared meals, chilled soups and
sauces, ambient sauces and pickles, cakes, desserts and Yorkshire
puddings
- Extending presence outside the UK with an emerging convenience food business in the US
2) Marketfare:
- The largest single supplier of the 7-Eleven Fresh to Go and 7-Smart store-branded sandwiches
- Services over 1200 7-Eleven stores with sandwiches and other
products in the Mid-Atlantic and Salt Lake City areas
- Exclusive manufacturer of Casa Buena Cheese and Chili sauces
for the entire 7-Eleven chain in the US and Canada
- In addition to fresh sandwiches and sauces, the product range
covers frozen snack products such as frozen breakfast sandwiches
and meat patties
- Operating facilities in Fredericksburg, Virginia and Salt Lake City, Utah
- The company was previously owned by Swander Pace Capital,
Silver Brands Partners and New York Life Capital Partners
3) Greencore will publish its interim results announcement on 22
May 2012 and will provide further detail on its US strategy
4) US dollar values have been converted to GBP using an exchange rate of 1.59
5) Historical financial information for Marketfare is extracted
from unaudited management accounts
6) This announcement contains certain forward looking statements
with respect to the financial conditions, results of operations and
businesses of the Group. These statements involve risk and
uncertainty because they relate to events and depend upon
circumstances that will occur in the future. There are a number of
factors that could cause actual results or developments to differ
materially from those expressed or implied by these forward looking
statements. Nothing in this announcement should be construed as a
profit forecast.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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