German agricultural and apple supplier BayWa has announced the acquisition of Dutch exotic fruit and vegetable supplier TFC Holland.
BayWa will acquire 68.4% of the shares in TFC Holland for EUR28.7m (US$31.4m). A spokesperson for BayWa told just-food TFC’s management company would retain the remaining share in the business.
BayWa said the deal was an “important step in its international growth strategy in the agricultural segment”.
The acquisition sees BayWa add exotic fruit to its portfolio and enhance its presence in the pome fruit industry.
“The European market for exotic fruits has been on the rise for several years. TFC’s product range of appealing specialities is an excellent complement to our existing pome fruit business,” BayWa CEO Klaus Josef Lutz said.
“For the European food retail industry we are gaining significance for future cooperation as a result of this majority stake. Thanks to its apple business BayWa AG is already one of the largest suppliers of pome fruit in international trade.”