Total Produce Completes First Stage of North American Acquisition
Total Produce, Europe’s leading fresh produce company, has completed its acquisition of a 30% shareholding in the Vancouver-headquartered Oppenheimer Group. A further 30% shareholding will be acquired in 2017 at a price to be determined based on future profits.
Founded in 1858, The Oppenheimer Group is a leading North American fresh produce distribution and marketing company. Oppenheimer sources over 100 varieties of fruits and vegetables from more than 25 countries and delivers to retailers, wholesalers and food service operators across the US and Canada through its industry-leading supply chain. The group sells nearly 40 million boxes of fresh produce annually and recorded sales of Eur410 million in 2011.
John Anderson, the current chairman, president, chief executive and majority shareholder, will continue to lead the organization into the future and will hold 35% of Oppenheimer’s shares after the 2017 transaction. The New Zealand-based apple marketer, ENZA, maintains its 15% ownership of The Oppenheimer Group’s US business.
In 2012, Oppenheimer rebranded itself as ‘Oppy’ and opened a sales office in Toronto to better serve the Eastern Canadian marketplace. The group currently has 13 sales offices, three in Canada, nine in the US and one in Santiago, Chile.
The acquisition continues the international expansion of Total Produce and represents an important entry into the North American market. The alliance positions both groups to benefit from the global scale of the combined operations. Total Produce expects the investment to be earnings enhancing from the date of completion.
Total Produce is now Europe’s largest fresh produce provider, operating out of 24 countries and distributing in excess of 290 million boxes of fresh produce. The group employs more than 4,000 people in over 100 locations across Europe and North America and in 2011 reported a turnover in excess of Eur2.5 billion.
