Total Produce, the food company recently spun-off from fresh produce group Fyffes, has acquired Redbridge Holdings for a total of GBP15.5m (US$30.47m), including debt. It is expected that the deal will be accreditive to earnings from the date of completion, Total Produce said.

The agreement includes an initial cash payment of GBP8.75m and a net liability of GBP3.8m from a deficit in Redbridge's defined benefit pension scheme, plus an additional cash payment of up to GBP3m, payable in 2010 if various performance targets are met.

Redbridge, a UK-based fresh produce company, had underlying pretax profit of GBP2.4m on turnover of GBP236m in the fiscal year ended 30 September 2006.