Greencore, the Irish manufacturer of own label and licensed food products, has announced the proposed acquisition of US frozen sandwich maker Peacock Foods for $747.5 million.
Peacock Foods is a manufacturer within the retail food industry, specialising in ambient, chilled and frozen food products with multiple facilities around the US.
Greencore also produces sandwich products for the US market, mainly distributing through cafes and convenience stores such as 7 Eleven and Starbucks. The Telegraph reports that the deal would bolster the Greencore product portfolio, allowing the company to expand into salad kits and frozen morning foods, as well as opening up the business to potential new customers in the US.
Commenting on the deal, Greencore 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”.
Source: Greencore / Telegraph