Sector News

Greenyard Foods merges to become global fruit, vegetable giant

April 14, 2015
Consumer Packaged Goods
(Reuters) – Belgian frozen vegetable group Greenyard Foods will merge with fresh fruit company Univeg and gardening company Peatinvest to form a global fruit and vegetable group with 3.7 billion euros ($3.9 billion) in annual sales.
 
The companies, in which the family of chairman Hein Deprez has major stakes, will then be listed on the Brussels stock exchange through Greenyard Foods as a parent company.
 
As part of the transaction, new Greenyard Foods shares will be issued to the owners of Univeg and Peatinvest, though the company is looking at ways to increase the free float of the stock after the deal is completed.
 
Shares of Greenyard Foods rose as much as 9.6 percent in early trading on the Brussels stock exchange on Monday.
 
Univeg, with a turnover of 3.1 billion euros, will be by far the largest part of the newly created group.
 
Univeg, which sells produce under the “Seald Sweet” and “Univeg” brands, produces some 1.9 million tonnes of fruit and vegetables and has plantations across the globe, including Argentina, South Africa, Uruguay and Turkey.
 
Greenyard Foods said the deal was subject to regulatory approvals and due diligence.
 
Belgian holding company GIMV, which through its vehicle GIMV-XL has a 17.3 percent stake in Greenyard Foods, would also exercise warrants, resulting in a capital increase of 25.6 million euros. ($1 = 0.9465 euros) (Reporting by Robert-Jan Bartunek; editing by Philip Blenkinsop)

comments closed

Related News

July 21, 2024

Danone taps R&D leader Carla Hilhorst to drive research and innovation strategy

Consumer Packaged Goods

Danone has appointed Carla Hilhorst to the newly created position of senior vice president of research and innovation categories and zones, as the company looks to make science the heart of its business. Hilhorst, who brings over 30 years of experience in research and innovation, will report directly to Isabelle Esser, Danone’s chief research, innovation, quality and food safety officer.

July 21, 2024

Pernod Ricard to sell international wines portfolio to Accolade Wines owner

Consumer Packaged Goods

The move, part of Pernod Ricard’s strategy to enhance its premiumisation efforts, will allow the company to focus more resources on its portfolio of premium international spirits and champagne brands that drive the growth of its business. This decision aligns with the company’s commitment to delivering sustainable value for shareholders, employees, clients and partners.

July 21, 2024

Aryzta appoints former employee Michael Schai as new CEO

Consumer Packaged Goods

Schai – who is the current CEO of Swiss chocolate company Lindt & Sprüngli’s Australian operation – has previously worked with Aryzta from 2015-2018, where he served in roles including managing director for Asia Pacific and global strategic business lead (McDonald’s). The fast-food giant McDonald’s is one of Aryzta’s significant clients.

How can we help you?

We're easy to reach