Fruit and vegetable firm Greenyard Foods has announced that it has agreed to acquire all the outstanding shares of Lutece, a market leader in canned mushrooms, from C4C.
Lutece has two production facilities in the south of the Netherlands, in Velden and Horst, and approximately 190 employees. It is estimated that total sales for 2015 will amount to about €100 million ($109 million).
According to Greenyard Foods, the deal is anticipated to provide significant synergies and have an immediate positive impact on the EBITDA of the company.
Marleen Vaesen, chief executive officer of Greenyard Foods, commented: “The addition of Lutece is an ideal complement to our existing operations, allowing us to further strengthen our leadership position in the canning business by expanding into preserved mushrooms, an adjacent and attractive market for us. One of the cornerstones of our success over the years has been working closely and successfully with growers to constantly improve and adapt to meet the needs of customers and consumers”.
Cor Beerepoot, chairman of the board of CNC, commented, “We are pleased to have reached this agreement with Greenyard Foods. I am confident that Lutece and its employees and stakeholders have found, in Greenyard Foods, an excellent strategic partner that is well suited to lead the company in its next phase of development. This transaction will allow CNC to focus on the further expansion of, and investment in, our substrates business”.
The transaction is expected to be completed before May 2016.
Source: Greenyard Goods