Fyffes has acquired a 60% stake in Nolem, the Brazilian fresh produce export company, from a number of Brazilian shareholders.
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Nolem is the largest melon producer and exporter in Brazil. The company owns 5,000 hectares of farm lands in Brazil and markets 9m boxes of melons per annum. According to the most recent audited financial statements, Nolem had net assets of 30.3m Brazilian reais (€11.3m).
Fyffes did not disclose how much it had paid for the stake.
The business will continue to be managed by Andre, Marcelo and Eduardo Gadelha . The Gadelha family will own 20% of the company.
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