May 5, 2008 10:29 AM
Greencore Group PLC, one of Europeís leading convenience food and malt producers, has acquired Home Made Brand Foods Inc. (HMBF), a manufacturer in the chilled food market for the northeastern United States. This acquisition marks the entry by Ireland-based Greencore into the growing chilled convenience food market in North America.
HMBF, based in Newburyport MA, is a regional leader in fresh prepared food. It manufactures and supplies fresh food products including fresh prepared meals and salads, sandwiches, and quiche to regional retailers such as Stop & Shop, Hannaford, and Publix. In the current year, HMBF expects to generate more than $40 million in revenues and has potential manufacturing capacity to increase this to $100 million within its existing facility. HMBFís management team led by Rick Walters will remain in place after the acquisition.
The initial price payable by Greencore is $44 million. Further consideration will be payable up to a maximum of $10 million, dependent on HMBFís performance in the financial year to Dec. 31, 2008.
Greencore will relocate key personnel to the United States to develop its business there. Fergal Leamy, the development director of the Convenience Foods division, has been appointed chief executive officer of Greencore USA. He will be joined in the United States by other leaders in chilled food manufacturing, supply chain, and product development.
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