McCain Foods Acquiring PinguinLutosa’s Potato Division
McCain Foods is purchasing PinguinLutosa Food Group’s Lutosa potato division, which has an enterprise value of Eur225 million and encompasses Lutosa’s operations in production, marketing and distribution of frozen, chilled and dehydrated potato products, as well as the Lutosa brand. The terms of transaction, which is subject only to a confirmatory due diligence and regulatory approvals, were not disclosed.
Jean Bernou, chief executive of McCain Continental Europe, comments: “This acquisition is in line with our strategy of reinforcing our core potato business inEurope. The products and brand positioning of Lutosa and McCain are highly complementary. Lutosa will help us to further expand our product offering and cater to a wider range of customers while ensuring continuity in terms of investments and optimal service quality.”
Headquartered at Villeneuve d’Ascq in France, McCain Continental Europe employs over 2,500 people and operates eight production sites in Belgium, France, Poland and the Netherlands. Within the Continental Europe region, McCain works closely with 1700 farmer partners. The McCain Continental Europe region spans 45 countries.
Hein Deprez, chief executive of PinguinLutosa Food Group, says: “When we were approached by McCain, the opportunity for us to focus on our core fruit and vegetable business while allowing the Lutosa division to reach the next level of excellence was too good to pass up. Lutosa developed a strong brand and market position around the world, and can count on a strong team of employees, partners, farmers and traders. We are delighted that Lutosa will become part of the potato leader and can continue to grow further.”
The PinguinLutosa Group is active predominantly in three segments: deep-frozen vegetables, potatoes and canned goods. The group has 17 production sites in six different countries (Belgium, France, United Kingdom, Poland, Germany and Hungary) and 19 subsidiaries and sales offices on five continents. In the year ended 31 March 2012 PinguinLutosa generated sales of Eur832.8 million.
