DUBLIN, IRELAND — Greencore Group P.L.C. has agreed to acquire Marketfare Foods, L.L.C., for £22.6 million ($36 million). Headquartered in Phoenix, Marketfare makes branded, proprietary, and co-pack sandwiches, wraps, burritos and sauces for a variety of convenience channels in the United States.
Marketfare’s main customer is 7-Eleven, which it has partnered with for more than 20 years, and it is the largest single supplier of Fresh to Go and 7-Smart store-branded sandwiches, servicing over 1,100 7-Eleven stores in the Mid-Atlantic region. In addition, Marketfare is an exclusive manufacturer of Casa Buena Cheese and Chili sauces for the entire 7-Eleven chain in the United States and Canada.
For the year ended Jan. 27, Marketfare had revenue of $65 million and EBITDA of $5.7 million. Gross assets as of Jan. 27 totaled $20.1 million.
“The acquisition of Marketfare represents an excellent opportunity for us to further develop our food to go business in the U.S., building on the successful acquisition of On a Roll in December 2010,” said Patrick Coveney, chief executive officer of Greencore. “It builds additional scale with 7-Eleven, provides new competencies for us in the fast growing food to go category and extends our geographic footprint principally along the Eastern seaboard. The new product capability and geographic expansion provide the opportunity to expand further with our existing customers; the acquisition represents the next step in our strategy to build a business of real scale in the U.S.”
On A Roll Sales Inc. is a fresh sandwich maker based in Boston.