Greencore Group plc has sold its malt business, Greencore Malt, to Axereal Union de Co-operatives Agricoles (Axereal) for US$155 million.
Greencore Malt principally comprises three Greencore-owned malting businesses based in the UK (trading as Pauls Malt), Ireland (Minch Malt) and Belgium (Belgomalt). This is a leading European malting business with seven malting plants. This transaction tightens Greencore's strategic focus, strengthens its balance sheet and provides capital to fund future growth over time in its UK and USA convenience foods markets.
Axereal is a French cooperative formed in July 2009 through the merger of Agralys and Epis Centre. The company is a leading player in the grain sector in Europe.
Greencore Group plc is a leading international manufacturer of convenience foods and ingredients with manufacturing sites in four countries of the European Union as well as in the USA.
Oaklins' team in Ireland advised Greencore Group plc on the disposal process, which involved testing the market with several potential purchasers.
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