Second North American Acquisition for Convenience Food Division

Boston, MA -- (SBWire) -- 12/13/2010 -- C.W. Downer & Co., a leading middle-market cross-border investment bank, is pleased to announce that Greencore Group PLC has acquired On A Roll Sales, Inc.

The transaction closed on December 6, 2010 and the financial terms were not disclosed.

Greencore is a leading international manufacturer of convenience foods with 14 manufacturing sites and over 7,000 employees. Greencore provides a wide range of chilled, frozen and ambient foods to major retail, manufacturing and foodservice customers in the UK and Ireland as well as Continental Europe and the U.S. This is Greencore’s second acquisition in the United States.

Founded in 1985, On A Roll Sales, Inc. manufactures fresh, hand-made sandwiches and food items. Products include sandwiches, wraps, salads, prepared meals and bagel sandwiches. The company’s 100 employees hand package over 250,000 units weekly at its production facility in Brockton, MA.

The strategic acquisition of On A Roll supplements Greencore’s current U.S. presence. Group Development Director Eoin Tonge said in a company statement, “On A Roll is a promising, growing business with a well-diversified customer base of major retailers and convenience stores. This acquisition will provide an additional revenue stream to Greencore USA’s Food to Go category and will complement our existing businesses in Newburyport and Cincinnati.” C.W. Downer & Co. also assisted Greencore with its 2008 acquisition of Home Made Brand Foods of Newburyport, MA.

“This acquisition is highly synergistic with Greencore’s existing U.S. presence and is very consistent with its North American growth strategy.” remarked Jeff Robards, Managing Director with C.W. Downer & Co. “Greencore continues to see a substantial U.S. market opportunity in chilled prepared foods such as sandwiches, entrées and deli salads. It has significant experience in the development and production of high quality, short shelf life convenience foods in the UK, and more recently in the U.S. This is a strong growth area for Greencore’s retail customers as they look for ways to draw more consumers into their stores. Greencore’s capabilities enable retailers to offer a point of differentiation and a chance to gain market share.” said Mr. Robards.

“C.W. Downer excels at providing globally-oriented strategic advisory services,” added Joseph Downing, Managing Director & Partner with C.W. Downer & Co. “Over the past four years we have assisted Greencore with its planned entry into the North American prepared foods market and we look forward to continuing the search for superior bolt-on acquisition candidates,” concluded Mr. Downing.

The C.W. Downer & Co. team responsible for the Greencore Group acquisition includes Joseph Downing (Managing Director & Partner) and Jeffrey Robards (Managing Director) from the firm’s Boston office as well as Philip Smith (Managing Director) from the firm’s Dublin office.

About C.W. Downer & Co.
C.W. Downer & Co. is an independent, global investment bank offering middle-market clients a high level of personal attention coupled with more than 30 years of international execution experience. We provide insight, not just information. We generate value, not just transactions. With seven fully integrated offices on four continents, we consistently identify the most appropriate strategic buyer and uncover “hidden” acquisition targets. C.W. Downer & Co. delivers the reach of a bulge-bracket investment bank with the senior level focus of a boutique. For more information, visit http://www.cwdowner.com.