Greencore Group has announced its plans to sell Trilby Trading Limited, its vegetable oils business, for approximately €9.8 million.
According to the Irish convenience food firm, Trilby has been acquired by K.T.C. Limited, a majority owned subsidiary of funds managed by Endless LLP.
The company noted that proceeds from the transaction will be used for general corporate purposes and to further strengthen the group’s balance sheet.
Commenting on the announcement, Dalton Philips, CEO of Greencore, said, “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."
"As such, we are very pleased to have found such a good home for Trilby’s operations and colleagues.”
About Trilby
Trilby is one of Ireland’s leading importers and distributors 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 and 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
Greencore noted that the transaction will allow the company to optimise its portfolio for sustainable growth.
