Fyffes has struck a deal to acquire the Everfresh group of companies, a leading distributor of fresh produce in Sweden.
Fyffes will acquire an initial 60% stake in Everfresh for €28.7m, with the balance of 40% to be acquired in 2007.
The total price will be up to a maximum of €77.6m, depending on the performance of the company in the interim.
Fyffes chairman Carl McCann said: “The acquisition of Everfresh represents an important new investment for Fyffes. This transaction offers us a significant growth opportunity and represents a continuation of our development strategy of acquiring strong businesses in our sector.
“Everfresh is one of the leading fresh produce groups in the Swedish market. It is a highly mechanised, efficient, low cost operator that adds significant value for its customers. “
Everfresh was founded in 1987 and operates principally from four locations in Sweden and one in Finland. It recorded turnover of €300m in the financial year to 31 December 2003, with profits before tax and goodwill amortisation of €4.4m .
Fyffes will acquire an initial 60% stake in Everfresh for €28.7m, with the balance of 40% to be acquired in 2007.
The total price will be up to a maximum of €77.6m, depending on the performance of the company in the interim.
Fyffes chairman Carl McCann said: “The acquisition of Everfresh represents an important new investment for Fyffes. This transaction offers us a significant growth opportunity and represents a continuation of our development strategy of acquiring strong businesses in our sector.
“Everfresh is one of the leading fresh produce groups in the Swedish market. It is a highly mechanised, efficient, low cost operator that adds significant value for its customers. “
Everfresh was founded in 1987 and operates principally from four locations in Sweden and one in Finland. It recorded turnover of €300m in the financial year to 31 December 2003, with profits before tax and goodwill amortisation of €4.4m .
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