Dublin-based Greencore Group has sold its bottled water division to Highland Spring for GBP17.5m (US$29.1m).

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more


The deal will include the company’s Campsie Springs and Blaen Twyni facilities, Greencore said today (19 November).


Under the terms of the agreement, Greencore will receive up to GBP17.5m in consideration, GBP10m of which is payable upon completion, GBP3m deferred until the second anniversary of completion and up to GBP4.5m contingent upon the future performance of the business.


The move will see the transfer of Greencore’s entire workforce of 124. The company produces own label bottled water for a range of multiple grocers and food service clients.


“Completion of the disposal, which will be effected by means of an asset sale and the sale of shares in a subsidiary company, is expected to occur on or before 30 April 2010.  The proceeds from the disposal will be used to reduce group borrowings,” Greencore said in a statement.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Les Montgomery, chief executive of Highland Spring said the acquisition will complement its expansion strategy “perfectly”.


“The deal will allow us to continue to service the strong customer base that Greencore has built over recent years and develop the distribution of our flagship brand, Highland Spring. We bring more than 30 years of experience to the table and firmly believe that sustained investment and our expertise will allow us to achieve our goal of becoming a GBP100m turnover business in the medium term,” Montgomery insisted.


Greencore fell 1.4 cents, or 1%, to EUR1.39 at 10:14am in Dublin trading.


The company will release its preliminary results for the year ended 25 September on 25 November.