Belgian frozen food company Pinguin and the Globus cannery today [Tuesday] announced they will acquire two European companies.
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The two companies will acquire a 51% controlling stake in Elsner Poland, one of the major Polish producers of deep-frozen vegetables and fruits. A preliminary announcement of this move was announced last month (just-food.com members click here). The groups have also announced they have secured an option to raise their ownership to 100% within one year. The plan is for Globus to own 70% and Pinguin 30% of Elsner a year from now.
In the UK, meanwhile, Pinguin and Globus announced the opportunity has also arisen for them to acquire the assets and inventories, and thus the entire British market, of the UK’s Albert Fisher Group.
To this end, Pinguin has created Pinguin Food UK, in which Globus aims to gain a 25-30% stake in the form of a capital increase through its option right. The plan is for Pinguin to own 70% of Albert Fisher, and Globus 30%, within one year.
Albert Fisher controls around 30% of the UK frozen vegetable market and has annual production capacity in the region of 100,000 tons.
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