Fresh produce giant Fyffes has snapped up a share of German fruit group vanWylick.
Fyffes has acquired 33.3% of the business, which has a network of banana ripening centres across Germany and has annual sales of around €200m (£172m).
VanWylick recently sold a further third of the business to fellow German group Gemüsering. The Allerding family, which previously owned the business outright, retains a third of the company’s shares.
“The investment in vanWylick represents an important development for Fyffes in the German market, with a significant opportunity for growth,” said Fyffes chairman David McCann.
“It represents a continuation of our strategy of acquiring strong businesses in our sector. The association of vanWylick, Gemüsering and Fyffes in Germany will create new opportunities to provide comprehensive services to the wholesale and retail sector.”
Fyffes says prices will have to rise (15 January 2011)
Banana wars (analysis; 29 May 2010)