India’s LT Foods has agreed to purchase 100% of Hungarian shelf-stable fruits and vegetables producer Global Green Europe.
LT Foods said it will pay €6m ($6.9m) at closing for full equity, with a further €1.8m over the next two years via an earn-out, and will also take on the company’s debt.
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In a stock exchange filing today (14 October), the owner of the Royal and Daawat basmati rice brands said the deal would “further strengthen” its ready-to-heat and ready-to-eat portfolio.
Beyond “expanding our product portfolio and global footprint”, V K Arora, the executive chairman of LT Foods, said the deal “enables us to enter the processed canned food market, leveraging synergies with our existing business in Europe”.
Currently, LT Foods operates European manufacturing sites in the Netherlands and the UK.
Vikas Magoon, managing director of LT Foods Europe, added: “[The] addition of Global Green Europe Kft., Hungary, will enable LT Foods to establish a third manufacturing hub in Europe, strengthening its foothold in central and southern Europe.
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By GlobalData“A manufacturing base in Hungary also offers a relative cost advantage vis-à-vis our existing facilities, enhancing LT Foods’ competitiveness in the region.”
Global Green’s Hungarian business was formed in 2006 after the purchase of Intergarden and now supplies more than 30 countries across Europe.
Its portfolio includes canned sweetcorn and jarred gherkins, silver skin onions, peas and sour cherries, produced at two plants on 45 acres in Hungary.
The acquisition, to be executed through LT Foods Europe Holdings, includes Global Green International (UK) and Greenhouse Agrár, which act as support and distribution entities.
The transaction, which is expected to close in the third quarter of LT Foods’ financial year 2026, implies an enterprise value of about €25m, according to the filing.
Global Green posted a turnover of €40.8m in 2022, €37.0m in 2023 and €40.3m in 2024. The business employs more than 170 people.
For the financial year ended 31 March 2025, LT Foods reported total revenue of Rs87.70bn ($987.6m), up 12% year-on-year.
EBITDA rose 8% to Rs 10.67bn and profit after tax increased 2% to Rs6.12bn.
In Q1 FY’26 that ended 30 June, total revenue grew 20% to Rs25.01bn, EBITDA climbed 17% to Rs3.02bn and profit after tax was Rs1.69bn, up 9%.
