Greencore swoops for US firm in $36m deal

Greencore, the Irish producer of convenience foods, has acquired US food company rival MarketFare for $36m (£22.6m).

The Arizona-headquartered company produces frozen and fresh food products, including sandwiches, wraps and Mexican food, for small retailers and convenience stores, and is a major supplier to 7-Eleven, supplying 1,100 stores in the mid-Atlantic region.

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

Revenue at MarketFare for the year to January 2012 was $65m, while earnings before interest, tax, depreciation and amortisation (Ebitda) was $5.7m. MarketFare has two production sites – in Salt Lake City, Utah, and in Fredericksburg, Virginia – the largest of which is the Virginia plant, located close to Washington DC.

Greencore chief executive Patrick Coveney said the acquisition would significantly enhance Greencore’s position as a food-to-go provider in the east coast area of the US.

Greencore currently operates from two sites in Massachusetts.

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