Greencore has acquired the UK-based chilled ready meal business International Cuisine Limited (ICL) in a deal which will provide the food group with extra capacity in the UK ready meals market.
While the group did not disclose how much it had paid for the Durham-based firm, which it bought from the Hain Daniels Group, it is understood to be in the order of £10 million (€12.7 million).
Greencore said the majority of ICL’s revenue, which amounts to about £45 million, was derived from several existing Greencore ready meal customers. Its gross assets were £16.7 million.
The bolt-on acquisition will be funded from Greencore’s existing debt facilities, and will have a minimal impact on the group’s leverage.
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