Snack Producer Greencore to Acquire Frozen Breakfast Manufacturer

Convenience food business Greencore Group plc (“Greencore”),  announces the proposed acquisition of Peacock Foods (“Peacock”) for the amount of USD747.5m. 

Peacock is a fast-growing US convenience food manufacturer with strong positions in frozen breakfast sandwiches, kids’ chilled meal kits and salad kits, generating revenues of approximately USD1bn and adjusted EBITDA of USD72.1m (September 2016).

The combined business has the potential to channel Greencore’s position in the US and create a strong platform for long-term growth.

Commenting on the acquisition, Greencore’s CEO, Patrick Coveney said: “The acquisition of Peacock will transform our US business, strengthen our position in high growth categories, broaden our channel and customer exposure, and add significant scale to our operations. We believe Peacock’s success is built on the same fundamental strategy and values that drive Greencore, making products that consumers love, building deep, longstanding relationships with customers, investing in high quality manufacturing capacity, food safety capability and, most importantly, people.”

Tom Sampson, Peacock Foods CEO, added: “We are thrilled to be joining the Greencore team at this important time in our growth. We have been particularly struck by the similarities in the way we run our business and our mutual long-term commitment to the US convenience food market. We are excited by the opportunity that we now have to leverage Greencore’s expertise in innovation and fresh food manufacturing, thereby bringing a broader set of capabilities to our customers.”