UK: Total Produce acquires exotic fruit supplier
The UK arm of Irish fruit firm Total Produce has bought exotic fresh fruit importer and supplier Utopia UK.
Based in Spalding, Utopia supplies fresh produce to retailers in the UK and across Europe.
No financial details were given with the announcement today (26 November).
This acquisition, the company said, will provide an opportunity to grow its presence in an expanding market and will complement its existing business.
"The Utopia business has experienced a difficult last 12 months but the core business is sound and they have an excellent team," said Denis Punter, executive chairman of Total Produce UK.
"The financial stability and support that Total Produce will bring to the business will create an environment that will enable it to flourish and make Total Exotics a leading player in this sector."
Total Produce plans to name the newly-acquired business Total Exotics and expects sales of around GBP25m (US$41.3m).
Total Exotics will continue to operate under the existing management team of Kevin Jameson and Nigel West, the company said.
Irish fruit firm Total Produce booked a drop in pre-tax profits in 2009, hurt by adverse currency movements and the cold weather....
- Comment: Premier has more to ponder than Brexit
- Trump seen as negative for global food trade
- 2017: food policy hotspots in the UK, EU and US
- Analysis: B&G Foods balancing growth and decline
- The food market in 2017 - consumer trends and M&A
- Weetabix takeover talk gathers pace
- Unilever rebrands I Can't Believe It's Not Butter
- Nestle mum on Mead Johnson takeover talk
- Boparan confirms interest in Fox's Biscuits
- Update - Pladis not bidding for Weetabix