Irish convenience food firm Greencore Group has announced that its wholly-owned subsidiary, Greencore Advances DAC, has entered into an agreement to sell the entire issued share capital of Trilby Trading Limited, its vegetable oil business.
The company has been acquired by K.T.C. Limited, a majority owned subsidiary of funds managed by Endless LLP.
Greencore is selling Trilby for a cash consideration of approximately €9.8 million, subject to customary adjustments.
The company said proceeds from the transaction will be used for general corporate purposes and to further strengthen the group’s balance sheet.
Trilby Trading
Trilby Trading is a major importer and distributor of vegetable oils and fats for the food processing industry.
The company sells approximately 60,000 tonnes of product each year to customers in Ireland, the United Kingdom and the Netherlands.
As of the half year ended 31 March 2023, the value of the Trilby's gross assets was €23.4 million, while the profit before tax attributable to Greencore’s interest in Trilby for the full year ended 30 September 2022 was €2.9 million.
The transaction is expected to close in September 2023, subject to the approval of relevant anti-trust authorities and customary closing conditions
Optimise Portfolio
Greencore said the transaction will allow the company to optimise its portfolio for sustainable growth.
“Trilby is a great business with attractive assets and a fantastic team. However, given our strategic focus on the UK convenience food market, it is no longer a core part of Greencore’s plans," said Dalton Philips, CEO of Greencore.
"As such, we are very pleased to have found such a good home for Trilby’s operations and colleagues.”
