Greencore to acquire Peacock Foods
Nov. 14, 2016
by MEAT+POULTRY Staff
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The proposed deal with Peacock Food is valued at $747.5 million.
DUBLIN, Ireland – International convenience food leader, Greencore Group has announced plans to acquire US convenience food manufacturer, Peacock Foods for $747.5 million on a debt and cash free basis.
Geneva, Illinois-based Peacock is a processor of frozen breakfasts, children’s chilled meal kits and salad kits. The company’s revenues are approximately $1 billion with an adjusted EBITDA of $72.1 million through September 2016.
“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,” Greencore’s CEO, Patrick Coveney said in a statement. “We believe Peacock’s success is built on the same fundamental strategy and values that drive Greencore. We are delighted to welcome the Peacock team into the Greencore Group.”
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.”