DOWNERS GROVE, Ill. -- Hearthside Food Solutions has signed a definitive agreement to acquire Greencore USA, a producer of refrigerated sandwiches, entrees and salad kits. The more than $1 billion deal expands the contract manufacturer’s reach in the fresh-made foods category.
Greencore USA is the stateside arm of Dublin-based Greencore Group plc. The $1.4 billion company operates 13 locations in North America and employs 3,500 people.
Charlesbank Capital Partners and Partners Group are financing the deal. Charlesbank acquired Hearthside in May 2018. The private-equity firm also owned Greencore USA, known then as Peacock Foods, from 2010 to 2016.
The acquisition will grow Hearthside’s network to 38 production facilities in the United States and Europe.
“Consumer choice is driving growth in frozen, refrigerated and fresh sandwiches [and] entrees, where Greencore USA is a recognized leader,” said Rich Scalise, Hearthside chairman and CEO. “Leading brands are expanding into these categories and are seeking additional value-chain services. The acquisition of Greencore USA will expand our production, innovation and R&D capabilities across these categories.”
The transaction is set to close in late November 2018 and is subject to regulatory approval and customary closing conditions.
Hearthside is based in Downers Grove, Ill. The company provides snack bars, snack food products and packaging services to major foodservice companies.
Photograph courtesy of Hearthside Food Solutions
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