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Don't have an account? Click here to register.Fyffes acquires 33.3% of German distributor
Thu, 27th Jan 2011 07:58
Dublin based fruit distributor Fyffes said it has acquired 33.3% of German fresh produce distributor Fruchtimport vanWylick."VanWylick is one of the leading fresh produce companies in the German market with sales in excess of €200m. It has a network of banana ripening and distribution centres across Germany and sources produce globally for customers in the wholesale and retail trade," Fyffes said in a company statement.Fyffes said it expects the transaction to be earnings enhancing in 2011.The deal is still subject to merger control approval from the German Cartel Office. vanWylick will continue to be managed by Dirk Allerding, Jens Allerding and Peter Malsbender. The Allerding family will retain a 33.3% stake in the company.The remaining 33.3% was recently acquired by and will continue to be owned by Gemüsering Stuttgart.Fyffes chairman David McCann said, "The investment in vanWylick represents an important development for Fyffes in the German market, with a significant opportunity for growth and it represents a continuation of our strategy of acquiring strong businesses in our sector."
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