Greencore acquires Baccareur for €1.4 billion to lead European ready-meal market
The acquisition makes Greencore the market leader in private-label ready meals, pizza, and desserts in Europe. The deal is expected to generate nearly €100 million in annual savings by 2029 through procurement and logistics efficiencies.
Greencore, the world's largest sandwich maker with over 700 million units sold annually, acquired Baccareur for €1.4 billion in early 2026. The combined entity will offer approximately 3,200 products, including over 100 million pizzas and 260 million desserts annually. According to Investec, this acquisition makes Greencore the market leader in private-label ready meals, pizza, and desserts. Greencore's 2025 revenue reached over €2 billion, with operating margin rising to 6.5% after the company shed low-margin contracts in 2023. The acquisition is expected to save nearly €100 million annually by 2029 through procurement and logistics efficiencies, potentially boosting operating profit to €400 million. Over 70% of Greencore's revenue comes from five supermarket chains, including Tesco and Sainsbury's. Greencore previously exited its US business in 2018 after a 2016 acquisition.