Sector News

Fyffes acquires Highline Produce for €97.7 million

April 1, 2016
Food & Drink

Fyffes has acquired Canadian mushroom producer Highline Produce for CAD$145 million (€97.7 million).

The fruit importer will acquire 100 per cent of the equity in Highline and refinance its existing debt.

Fyffes is funding the purchase through new and existing bank debt. The fruit company’s shares were up 6 per cent in Dublin trading, following the news.

Fyffes saw earnings before interest, tax and write-offs rise 14.2 per cent to €45.8 million last year. Total revenue, including the group’s share of its joint ventures, amounted to €1.22 billion in 2015, an increase of 12.1 per cent.

By Pamela Newenham

Source: Irish Times

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