Greencore finalizes Peacock Foods deal
Jan. 3, 2017
by Erica Shaffer
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Peacock Foods manufactures frozen foods and meal kits, in addition to providing supply chain and packaging solutions.
BOSTON – Greencore Group plc, an international producer of convenience foods, recently completed its acquisition of Geneva, Illinois-based Peacock Foods, a leading food manufacturer and supplier of integrated supply chain and packaging solutions.
The deal is valued at $745.5 million, and is expected to more than quadruple Greencore’s total sales in the United States. Details of the transaction were not disclosed. Greencore announced the company’s intention to acquire Peacock in November 2016.
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 company operates seven manufacturing facilities California, Illinois and Ohio.
Charlesbank Capital Partners LLC, a private equity firm with locations in Boston and New York, acquired Peacock in 2010. Under Charlesbank ownership, Peacock acquired L&L Foods in 2015. L&L Foods is a provider of high-volume, single-serve, and portion-control packages of food products. Charlesbank said in a statement that the L&L acquisition provided Peacock access into rapidly growing markets for prepared salad kits and away-from-home products, in addition to diversifying Peacock’s customer base while expanding the company’s geographic footprint.
Peacock also added a new West Coast facility to support growth of the business and expand its presence for other customers. The company specializes in refrigerated, frozen and ambient primary processing and packaging for many leading food brands including Tyson Foods, Kraft Heinz and Dole.