Hearthside Foods to acquire Greencore USA
The Greencore USA acquisition expands and diversifies the Hearthside network to 38 production facilities in the United States and Europe.
Hearthside Food Solutions, Downers Grove, Ill., acquired Greencore USA, a Downers Grove, Ill.-based frozen contract packager and producer of refrigerated, fresh-made sandwiches, entrées and salad kits.
Greencore USA is the U.S. unit of Greencore Group plc, Ireland.
Hearthside was acquired in May by Charlesbank Capital Partners, Boston, Mass., and Partners Group, New York.
Prior to being purchased by Greencore Group PLC, Greencore USA was known as Peacock Foods, owned by Charlesbank from 2010-2016. The Greencore USA acquisition expands and diversifies the Hearthside network to 38 production facilities in the United States and Europe.
“Consumer choice is driving growth in frozen, refrigerated and fresh sandwiches/entrées, where Greencore USA is a recognized leader. Leading brands are expanding into these categories and are seeking additional value chain services. The acquisition of Greencore USA will expand our production, innovation and R&D capabilities across these categories,” says Rich Scalise, chairman and CEO of Hearthside.
“The synergies and complementary strengths of Hearthside and Greencore USA are impressive. Both serve the world’s premier food companies, and both are known for and committed to lean, world-class manufacturing, setting high standards for quality, safety and speed-to-market. Both companies are also committed to innovation and exemplary customer service, possessing complementary category expertise and capabilities. The combination of the two companies will generate exciting new product and service opportunities for their customers,” says Chris Russell, managing director, Partners Group.
“The Greencore USA acquisition will expand Hearthside’s position in high-growth categories and broaden capabilities for existing and new customers, while further scaling operations. We are excited about the considerable synergies in culture, fundamental strategy and operating principles,” says Ryan Carroll, managing director at Charlesbank. “These companies share a commitment to making excellent products and building deep, long-term relationships with the world’s leading brands, as evident in their investments in world-class manufacturing, quality, safety, innovation, and most importantly, people. We are thrilled to work with the Greencore USA team again and to welcome them to the Hearthside family.”