Greencore has entered into an agreement to sell its Trilby oils business to K.T.C. (Edibles) Limited.
Trilby is one of Ireland’s leading importers and distributors of vegetable oils and fats for the food processing industry and sells approximately 60,000 tonnes of product each year to customers in Ireland, the United Kingdom and Holland.
The group is selling Trilby for cash consideration of approximately €9,800,000, subject to customary adjustments.
As of the half year ended 31 March 2023, the value of the Trilby gross assets was €23,366,162 and the profit before tax attributable to Greencore’s interest in Trilby for the full year ended 30 September 2022 was €2,926,689.
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.”
Paresh Mehta, CEO of K.T.C. Edibles, said: “We are very excited by the acquisition of Trilby, following a strong period of trading under Greencore’s ownership. KTC see great potential in the Trilby team as an on-the-ground platform to support our growth ambitions in Ireland.”
The transaction is expected to close in September 2023 subject to the approval of relevant anti-trust authorities and customary closing conditions.
