Fyffes banana

Irish fruit supplier Fyffes has acquired Canada’s largest mushroom business Highline.

The CAD$145m (£77.6m) deal adds a fourth product to Fyffes’ fresh produce line-up, which currently includes bananas, pineapples and melons.

Operating from five facilities, Highline is the largest operator in Canada’s mushroom sector, supplying predominantly retail but also wholesale, foodservice and canning customers.

The existing management team - led by CEO Glenn Martin - will continue to run the business.

“Highline is a very fine business with a strong position in an important product category. We look forward to working with Glenn Martin and his management team to continue to develop the business,” said Fyffes chairman David McCann.

“This transaction fits perfectly with Fyffes’ strategic objective of adding an additional product to its existing three through the acquisition of an established, successful, integrated operator in a category with significant scale.”

Martin added: “We are excited about this transaction and delighted to be joining Fyffes, given its long history and successful track record of growth. We look forward to working with Fyffes management as we continue to grow our own business into the future.”