Irish food company Greencore has acquired International Cuisine (ICL), a private label chilled ready meal business, from Hain Daniels for an undisclosed amount.
This acquisition is a part of the company's strategy to strengthen its ready meals business in the UK.
ICL owns a ready meal facility in Durham, UK. Greencore noted that most of ICL's revenue, about £45m annually, is derived from several existing Greencore ready meal customers.
The gross assets acquired were £16.7m. Greencore plans to fund the transaction through existing debt facilities.
The transaction marks the Greencore's third acquisition this year - following its US acquisitions of convenience food company MarketFare in April and snack foods specialist HC Schau & Son in June.
Greencore, headquartered in Dublin, Ireland, is a leading sandwich and ready meals supplier in the UK, supplying to supermarket chains including Marks and Spencer, Asda, Wm Morrison, Waitrose and J Sainsbury.
