Hearthside Food Solutions LLC entered into a definitive agreement to buy Greencore USA for an undisclosed sum.
Hearthside is owned by U.S. midmarket private equity firm Charlesbank Capital Partners LLC and Swiss investment manager Partners Group Holding AG, both of which are providing equity for the transaction. Both investors reserved significant incremental capacity to continue to invest organically and through acquisition in the Hearthside platform.
Greencore USA, the U.S. unit of Ireland-based food products producer Greencore Group PLC, is a frozen packaging contract manufacturer and a producer of refrigerated, fresh-made sandwiches, entrees and salad kits.
The acquisition will expand Hearthside's network to 38 production sites across the U.S. and Europe.
HSBC and Barclays were the financial advisers to Hearthside. Ropes & Gray LLP was legal adviser to Hearthside, Charlesbank and Partners Group.