StockMarketWire.com - Convenience foods maker Greencore Group said it had completed the acquisition of Freshtime for £56m as the company bolstered its presence in food to go salads and chilled snacking.

Freshtime, a supplier of food to go salads, chilled snacks and prepared produce in the UK, distributed its products primarily in the grocery and convenience channels and the business operated from a single facility in Boston, Lincolnshire.

The acquired business would extend Greencore's presence in food to go salads and chilled snacking.

In the 12 months ended December 2018, Freshtime generated revenues of £66.0m and pre-tax profit of £5.6m.

Gross assets at 31 December 2018 were £22.0m.

'Freshtime is an excellent strategic fit for Greencore. It is a business and a customer set that we know very well and it provides us with an exciting opportunity to enhance our product offering, add further capacity to our manufacturing network, and help drive growth and value for shareholders. We look forward very much to welcoming the Freshtime team to Greencore,' said Patrick Coveney, CEO of Greencore.



Story provided by StockMarketWire.com