Sale of Freshtime to Greencore
On 3rd September 2019, Greencore Group plc (“Greencore”) announced the acquisition of our client, Freshtime UK Limited (“Freshtime”), from John Richmond.
Freshtime is a well-established supplier of food to go salads, chilled snacks and prepared produce in the UK. Its products are distributed primarily in the grocery and convenience channels and the business operates from a single facility in Boston, Lincolnshire.
The acquisition will extend Greencore’s presence in food to go salads and chilled snacking and Freshtime’s strong customer base is highly complementary to Greencore’s existing portfolio. Freshtime’s production facility is well invested, with an established local supply chain and capacity for future growth. Greencore already distributes a large proportion of Freshtime’s products through its Direct to Store network.
Patrick Coveney, CEO of Greencore, said of the transaction: “Freshtime is an excellent strategic fit for Greencore. It is a business and a customer set that we know very well and it provides us with an exciting opportunity to enhance our product offering, add further capacity to our manufacturing network, and help drive growth and value for shareholders.”