Total Produce, the food company recently spun-off from fresh produce group Fyffes, has acquired Redbridge Holdings for a total of GBP15.5m (US$30.47m), including debt. It is expected that the deal will be accreditive to earnings from the date of completion, Total Produce said.
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The agreement includes an initial cash payment of GBP8.75m and a net liability of GBP3.8m from a deficit in Redbridge’s defined benefit pension scheme, plus an additional cash payment of up to GBP3m, payable in 2010 if various performance targets are met.
Redbridge, a UK-based fresh produce company, had underlying pretax profit of GBP2.4m on turnover of GBP236m in the fiscal year ended 30 September 2006.
