Press office

Uniq plc is a UK focused food group which makes own-label and co-pack branded products for its customers, which include major UK food retailers, food service businesses and branded food manufacturers. Greencore Group plc has 20 facilities (18 of which are manufacturing facilities) in the UK, Ireland and the U.S. and employs around 7,000 people.

The boards of both companies have reached agreement on terms of the cash offer which will see Uniq shareholders get 96 pence per Uniq share in cash, valuing the share capital at around £113 million. The acquisition will be funded through a new debt facility and a fully underwritten five for six rights issue at €0.46 per share, which will raise around €80.2 million.

The Eversheds team was led by partners Amanda Partland and Stephen Nash, assisted by a team including senior associates Simon Wood, Steven Hacking and James Bryce. Amanda commented:

“This is an exciting deal which will strengthen Greencore’s foothold in the UK convenience food market, in keeping with its growth strategy. Eversheds has a dedicated food and drink sector, offering a holistic service on a wide range of issues affecting the industry. It was a pleasure to advise long standing client Greencore and we look forward to advising them on future transactions.”

Eoin Tonge, Group Development Director of Greencore, said:

“This deal represents an important milestone as we extend the scale and leadership positions of our Group in the UK convenience market. We are very excited about bringing together the Greencore and Uniq teams to deliver on this opportunity. As our legal adviser, Eversheds offered an excellent service, allowing the deal to progress in what was a very tight timeline.”