Sector News

Univeg & Greenyard Foods could merge

March 4, 2015
Food & Drink
The directors of Belgium-based fruit and vegetable giant Univeg have revealed they are to discuss a potential merger with processing firm Greenyard Foods and horticultural substrate specialist Peatinvest, a move that would create the world’s largest fresh produce company.
 
Greenyard Foods, which changed its name in September 2013 from PinguinLutosa after the sale of its Lutosa potato business to McCains, is currently listed on the Euronext stock exchange, so the move will add further fuel to rumours circulating last month that plans are afoot to take Univeg public.
 
In February, Belgian newspaper De Standaard claimed that Univeg’s chairman and majority shareholder Hein Deprez wanted to sell the company in an initial public offering during the second half of 2015.
 
In a statement, the company’s board said it believed a “business combination” of the three groups had the potential to create “a unique global player in the fruit and vegetables market capable of offering the full range of fresh, frozen and canned products”.
 
Combining Univeg with Greenyard Foods and Peatinvest would in theory create a global market leader in the fruit and vegetable business, with combined revenue in excess of €3.7bn eclipsing the sales of even the largest multinationals currently operating in the business.
 
Hein Deprez, chairman of Univeg, is also chairman of Greenyard Foods and Peatinvest – both of which have their headquarters in Belgium.
 
At Greenyard, via Deprez Holding, Food Invest International and 2D, he is also the controlling shareholder of the company, with around 46 per cent ownership. He is also the major shareholder in Peatinvest.
 
Commenting on the proposed merger, Deprez commented: “Creating a combined group offering fresh, frozen and canned fruit and vegetables would be beneficial to growers, retailers, consumer, employees and shareholders. We believe societal trends call for a more holistic view on fruit and vegetable consumption.”
 
Univeg’s statement added that discussions were still due to take place regarding the value and specific detail of any such deal.
 
“No final decision has been reached regarding the structure of any business combination,” the group added. “In the meantime, there can be no certainty on any agreement between Univeg, Greenyard Foods or Peatinvest, or as to the terms of any such agreement.”
 
Source: Fruitnet

comments closed

Related News

October 23, 2021

Coca-Cola announces 100% plant-based bottle prototype for commercial testing

Food & Drink

Coca-Cola is unveiling a fully plant-based PET (bPET) bottle prototype, excluding the cap and label. The beverage giant has produced a limited run of 900 bottles, confirming the prototypes are recyclable within existing recycling infrastructures, alongside PET from oil-based sources.

October 23, 2021

McDonald’s and Starbucks increase investment in reusable packaging and fiber-based recyclability

Food & Drink

McDonald’s and Starbucks are committing an additional US$10 million to the NextGen Consortium, an initiative aiming to improve environmental sustainability standards in the foodservice industry. Founded by investment firm Closed Loop Partners, the Consortium is investigating methods of advancing the design, commercialization and recovery of packaging materials.

October 23, 2021

Hortifrut’s US$280M acquisition of Atlantic Blue bolsters European position

Food & Drink

Hortifrut is purchasing Atlantic Blue for US$280 million. Atlantic Blue is a key player in the growing and marketing of berries in Europe and Northern Africa, based in Huelva, Spain. The transaction will allow Hortifrut to expand its growing area by about 20% and consolidate its position as the largest fresh blueberry platform in Europe and the UK.

Send this to a friend