Greencore has announced the acquisition of the UK-based Sandwich Factory from Cranswick for about £15m (€18m).
The Sandwich Factory operates from a single facility in Warwickshire, where it produces a range of food-to-go products for distribution in the convenience store and food service channels.
The company’s net revenue from manufactured products in the financial year ended 31 March was £42m (€50.36m).
Outside of its current core business where it deals mainly with large grocery customers, the acquisition now extends Greencore’s presence in the food-to-go sector.
The facility also offers an opportunity to slightly increase overall capacity across Greencore's food-to-go network.
The deal is set to be funded from existing debt facilities.
Commenting on the transaction, Greencore CEO Patrick Coveney said: "This acquisition makes strong strategic sense for Greencore, given our ongoing focus on the food to go market.
“The Sandwich Factory will extend our reach into customer channels in which we are currently under represented, notably convenience stores and the travel sector, and will also bring new product types into the Greencore portfolio.”
