Former Tesco boss eyes up Greencore acquisition
An American private equity firm - where former Tesco CEO Sir Terry Leahy is a senior adviser - is believed to have approached Greencore regarding a takeover
Print18 November 2011
An American private equity investment group advised by former Tesco CEO Sir Terry Leahy is believed to have “approached” Greencore to forge a potential takeover.
According to reports, Clayton Dubilier & Rice (CD&R) is the mystery firm prepared to pay a premium for the Irish readymeals producer which makes own-label products for the likes of Tesco, Sainsbury’s and Weight Watchers.
On 25 October, Greencore confirmed in a press statement that its Board noted “the movement in the company’s share price” and confirmed it had “received an approach which may or may not lead to an offer”.
It added that these discussions were “at a preliminary stage and there can be no certainty whether any offer will be forthcoming”.
The statement concluded that “a further announcement will be made when appropriate”. When contacted by ShelfLife, a spokesperson for Greencore declined to reveal any further details or confirm that Clayton Dublier & Rice was indeed the company behind this “approach”.
Greencore is currently busy finalising another deal; its takeover of British sandwich and dessert maker Uniq. This move followed a failed merger with British rival Northern Foods earlier this year.
Clayton, Dubilier & Rice, which has offices in both New York and London, claims it “has managed the investment of approximately $15 billion in 48 US and European businesses,” and has a “33-year history of working with management teams to build stronger, more profitable businesses.”
Former Tesco CEO, Sir Terry Leahy, joined the group earlier this year, on 17 March, as a senior adviser.
Speaking at the announcement of Sir Leahy’s appointment, Donald J. Gogel, president and chief executive officer of CD&R, said of the former Tesco boss: “He is an outstanding business leader and our portfolio companies will benefit from his experience building and growing an exceptional international company”.
The firm revealed that his “primary focus will be advising portfolio companies on operational and related issues and assisting in evaluating investment opportunities”.
Related Articles
Irish Distillers reveals Method and Madness Amburana Finish →
Euronics sponsors National Brown Bread Baking Competition 2024 →
Dawn Meats celebrates opening of South Korean market →
Fans 0
Followers