Hearthside Foods to Acquire Greencore USA
Move allows company to expand into high-growth, fresh, refrigerated, and frozen sandwich and entree categories
Hearthside Food Solutions, a contract manufacturer, announced the signing of a definitive agreement to acquire Greencore USA, a company operating in frozen contract packaging and a producer of refrigerated, fresh-made sandwiches, entrees, and salad kits. This transaction marks a significant step in the further growth and development of Hearthside’s network. The transaction remains subject to regulatory approval and customary closing conditions.
Greencore USA is the US unit of Greencore Group plc, an Ireland-based public company. Greencore USA operates 13 locations across North America, with 3,500 employees, and 2017 revenues of $1.4 billion.
Hearthside was acquired in May 2018 by Charlesbank Capital Partners and Partners Group on behalf of their clients. Greencore USA, prior to being purchased by Greencore Group PLC, was known as Peacock Foods and was owned by Charlesbank from 2010-2016. The equity for this transaction will be provided by Charlesbank and Partners Group, each of which has reserved significant incremental capacity to continue to invest organically and through acquisition in the Hearthside platform.
The Greencore USA acquisition expands and diversifies the Hearthside network to 38 production facilities in the US and Europe.