Shore Capital is delighted to have acted as Joint Broker to Greencore Group Plc (GNC, c.£2.2bn market cap, “Greencore”) on its acquisition of Bakkavor Group plc (“Bakkavor”)

The total consideration payable by Greencore for Bakkavor was £506m in cash, and c.360m new shares in Greencore (equal to approximately £985m), a total consideration of c.£1.49bn.

The acquisition creates a UK convenience food champion that will result in significant benefits for customers, consumers and the stakeholders of both businesses. Both Greencore and Bakkavor operate in resilient markets, underpinned by long term structural growth in UK convenience food categories.

Together, Greencore and Bakkavor represent a more diversified group, in terms of categories and dining occasions in “food for now” and “food for later”.

With excellent commercial and operational foundations across both the Greencore and Bakkavor businesses and with strong synergy potential from the combination, the Transaction has a highly compelling strategic, commercial and financial rationale and provides a significant value creation opportunity for stakeholders.

Shore Capital is retained as Greencore’s Joint Broker. The Shore Capital team for Greencore is as follows:

Corporate Broking: Malachy McEntyre, Isobel Jones
Corporate Advisory: Stephane Auton, James Thomas, Lucy Bowden
Sales: Dan Thornton
Research: Clive Black & Darren Shirley
Investor Relations: Jane Horder