Greencore Group plc (LON:GNC) makes processed foods for large retail groceries stores in the United Kingdom, with its dominance across the Atlantic expected to remain firm while the company seeks to expand and grow its business in the United States, says Bernard R. Horn Jr., President & Portfolio Manager at Polaris Capital Management, LLC.
“Greencore is an example of a portfolio company that has relatively lower volatility. At Polaris, we aim to hedge against downside risks and to improve the risk/return profile of the Fund. Greencore makes chilled foods, ready-to-eat meals and sandwich products that are primarily sold to large retail grocery stores in the U.K., like Tesco (LON:TSCO), Marks & Spencer’s (LON:MKS) and Asda,” Horn said.
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Horn says store brand goods comprise a high percentage of grocery stores in the U.K., and the expansion into the U.S. after many retailers convinced LON:GNC to cross the Atlantic show promise for the future of the company.
“Greencore made a couple of acquisitions over the last year or two that gave them an entry into Starbucks (SBUX) and 7-Eleven accounts. This is a company that may expect to continue its dominance on the U.K., while growing its business in the U.S.,” Horn said.
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