Fruit and veg giant Total Produce is to enter North America with the acquisition of a stake in Canadian firm The Oppenheimer Group.
Total Produce will buy 65% of Grandview Ventures, which trades as Oppenheimer in two stages.
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The Ireland-based firm will snap up 35% of the business in January for an initial C$15m (US$15.2m). Total Produce may pay more for the shares if Oppenheimer meets agreed profit targets. The company then plans to buy another 30% in Oppenheimer in 2017.
Total Produce chairman Carl McCann said the deal “offers us a significant growth opportunity” and continued the company’s strategy of buying “strong businesses” in the sector.
Oppenheimer president, chairman and CEO John Anderson will continue to manage the business. He will retain the other 35% of the business after 2017.
He said the deal “strengthens our ability to grow strategically while benefitting our growers and customers as we continue to operate autonomously”.
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