Greencore Acquires Gourmet Sandwich Maker The Sandwich Factory in $19.7m Deal
25 Jul 2016 --- Greencore Group has acquired the gourmet sandwich and food on the go specialist The Sandwich Factory in a deal worth up to £15m ($19.7m).
The Irish food company has purchased The Sandwich Factory, which reported revenues of £42m in its last financial year, from UK business Cranswick.
The Sandwich Factory operates from a single facility in Warwickshire in the UK, where it produces a range of food to go products for distribution in the convenience store and food service channels.
The acquisition will beef up Greencore's presence in the food to go category.
The Sandwich Factory provides a range of gourmet sandwiches and food on the go, including salad ranges and hot sandwiches.
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.”
Greencore portfolio.”
“We are delighted to be adding more capacity to our manufacturing network, and to be welcoming new colleagues to our business.”
Adam Couch, CEO of Cranswick, said: “I am pleased to announce the sale of our sandwich business to Greencore which is very much in line with our strategy of focusing on our core protein businesses.”
“Moreover I am particularly delighted that the sandwich division is being acquired by a proven global leader in Greencore who will bring new opportunities and strengths to this business, its customers and the staff to whom, on the Board’s behalf, I would like to extend our thanks for their long standing loyalty and commitment to Cranswick.”
Cranswick today also reported that its revenue were up 11 percent in the three months to 30 June.
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