GERMANY: Fyffes buys minority stake in produce distributor VanWylick
Ireland-based produce giant Fyffes has bought a minority stake in German distributor Fruchtimport vanWylick.
Fyffes announced its acquisition of a 33.3% stake in the business, known as VanWylick, yesterday (26 January) and said the deal remains subject to regulatory clearance in Germany.
However, Fyffes said VanWylick was "one of the leading fresh produce companies in the German market" with sales of over EUR200m (US$275m).
"The investment in vanWylick represents an important development for Fyffes in the German market, with a significant opportunity for growth and it represents a continuation of our strategy of acquiring strong businesses in our sector," said Fyffes chairman David McCann.
Fyffes bought the stake from the Allerding family, which will remain as investors in the business.
VanWylick will have three key shareholders should the deal go through, with each investor owning 33.3%. The Allerding family will hold one third of the business, while German vegetable firm Gemüsering Stuttgart will have another 33.3%.
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