Total Produce Acquires 50% of Leading Dutch Fresh Produce Company
Total Produce plc, Europe’s leading fresh produce company, is to acquire 50% of Frankort & Koning Beheer Venlo and subsidiaries for up to Eur15 million. Headquartered inVenlo, the Netherlands, Frankort & Koning is a fresh produce company with operations principally in the Netherlands, Germany and Poland. Frankort & Koning recorded a turnover of Eur296 million in the year ended 31st December 2010 and realised average profits after tax and minorities of Eur2.7 million over the last three financial years. It will have net assets of approximately Eur5.5 million at completion.
The transaction is subject to the normal regulatory clearances. The group will continue to be managed by the existing management team, each of whom has entered into a long term service agreement as part of the transaction. “This acquisition adds to our presence in key European markets,” says Carl McCann, chairman of Total Produce.
Total Produce plc was created in January 2007 following the demerger of Fyffes. It has annualised sales of more than Eur2.6 billion.
