Hearthside Food Solutions, a food contract manufacturer and portfolio company of Charlesbank Capital Partners and Partners Group, acquired the US business of Greencore Group Plc, an Ireland-based food company, for 1bn on a cash and debt-free basis. Commenting on the transaction, Greencore's CEO, Patrick Coveney, said: "We believe that the proposed sale of our US operation represents a compelling and immediate realisation of value for Greencore's shareholders. We have always had a firm conviction on the underlying value and growth prospects of our US business and believe that this offer fully reflects that. Looking ahead, we are confident that we can deliver further growth and returns in the dynamic UK market. The proposed transaction would enhance our strategic and financial flexibility, which would allow us to build on our industry-leading position in our core UK market whilst also taking advantage of emerging organic and inorganic growth opportunities."