Greencore buys US food company for $36m

While US sales currently account for about 5% of Greencore’s overall revenue, chief executive Patrick Coveney said he hopes to increase the group’s US business significantly over the next few years

The US frozen and fresh food-to-go producer, MarketFare, has been snapped up by Greencore for a multi-million price tag

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Dublin-headquartered food group Greencore has purchased US convenience food company MarketFare for $36 million (EUR*27.4 million).

The Arizona company produces frozen and fresh food-to-go products such as sandwiches, wraps and Mexican food for small retailers and c-stores.

MarketFare is a major supplier to the convenience food chain 7-Eleven, servicing over 1,100 stores in the mid-Atlantic region.

After the acquisition, Greencore, which already supplies 7-Eleven in the Boston area, will be the largest single supplier to the chain.

The transaction will be funded from Greencore’s existing debt facilities. Earnings before interest, tax, depreciation and amortisation (EBITDA) were $5.7 million at MarketFare for the year to January 2012.

Greencore chief executive Patrick Coveney said the acquisition represented “the next step in our strategy to build a business of real scale in the US”.

Greencore already operates from two sites in Massachusetts. The MarketFare acquisition follows the purchase of US company Home Made Brand Foods in 2008 and On a Roll in December 2010. Earlier this year, Greencore also bought the British sandwich and dessert supplier Uniq.

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