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Fyffes buys second Canadian mushrooms producer

Thu, 08th Sep 2016 07:50

(ShareCast News) - Fyffes' has returned to Canada for second helpings of mushroom, acquiring Canada's second largest fungi farmer, All Season Mushrooms, for CAD$59.1m (€41m) after buying the country's number-one producer earlier in the year.Ireland-based and AIM-listed Fyffes bought 100% of All Seasons' equity and refinanced its debt, funding the acquisition through its own existing bank debt, saying it expected the acquisition to have a 1% increase in adjusted earnings per share in the 2016 financial year, or 5% pro forma for a full year.British Columbia-based All Seasons, which operates from three owned facilities and one leased, said its geographic reach would be complementary to its April acquisition of mushroom farm Highline Produce.The company based its valuation of All Seasons on a 7.5 times multiple of its 2015 earnings before interest, tax, depreciation and amortisation (EBITDA) of CAD$7.8m, having bought Highline for CAD$145m at less than 2.5 times EBITDA.Fyffes expects its 2016 year end net debt, after this acquisition and normal seasonal working capital outflows in the second half of the year, to be less than 2.75 times EBITDA, if does not make any further acquisitions.Chairman David McCann said: "It represents an excellent strategic addition to the Highline business which we acquired earlier this year. Together, Highline and All Seasons will be well placed to provide Canadian customers with a consistent supply of the highest quality mushrooms from coast to coast, while continuing to strategically supply US customers with premium and organic mushrooms."All Seasons chief executive, Frank Moscone is to remain with the business after the acquisition.Shares in Fyffes were up 1.12% to 136p at 0943 BST.
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10 Mar 2014 17:20

MARKET COMMENT: FTSE 100 Reverses Early Strength To Close Lower

LONDON (Alliance News) - The FTSE 100 overturned early strength to close lower Monday, as investors digested some weaker-than-expected Chinese trade data released over the weekend, amid a lack of fresh major macro-economic data releases. A report from the Chinese General Administration of C

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10 Mar 2014 14:04

UK MIDDAY BRIEFING: London's Capital Markets Continue Recovery

LONDON (Alliance News) - London's capital markets continued a resurgence Monday as two more companies announced that they intend to list, another started trading, and AIM-listed Fyffes PLC said it would be acquired by Chiquita Brands International Inc of the US in a deal that

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10 Mar 2014 12:07

UK WINNERS & LOSERS: Mining Stocks Among The Biggest Fallers

LONDON (Alliance News) - The following stocks are the leading risers and fallers within the main London indices midday Monday. ------- FTSE 100 - WINNERS Rolls-Royce Holdings, up 2.9%. The group is the biggest riser on the blue-chip index after it said after the UK equity market

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10 Mar 2014 11:19

TOP NEWS: UK Shares Gain Amid Flurry Of IPOs And M&A

LONDON (Alliance News) - The following is a summary of top news stories Monday.
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COMPANIES
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Chiquita Brands International Inc and Fyffes PLC said they have reached a deal whereby Chiquita will acquire Fyffes to create th

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10 Mar 2014 10:56

MARKET COMMENT: UK Stocks Up Despite Disappointing Chinese Trade Data

LONDON (Alliance News) - UK stocks are trading higher Monday, shrugging off steep losses recorded by Asian exchanges earlier, amid a dearth of fresh UK macro-economic data releases. London's major equity indices opened fractionally lower Monday, having dropped sharply on Friday, before quic

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10 Mar 2014 09:12

2nd UPDATE: Chiquita To Buy Fyffes To Create World's Biggest Banana Company

LONDON (Alliance News) - Chiquita Brands International Inc and Fyffes PLC Monday said they have reached a deal whereby Chiquita will acquire Fyffes to create the world's largest banana company, but the deal is likely to draw the scrutiny of antitrust regulators. In a statement, the companie

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10 Mar 2014 08:27

UPDATE: Chiquita To Buy Fyffes To Create World's Biggest Banana Company

LONDON (Alliance News) - Chiquita Brands International Inc and Fyffes PLC Monday said they have reached a deal whereby Chiquita will acquire Fyffes to create the world's largest banana company, but the deal is likely to draw the scrutiny of antitrust regulators. In a statement, the companie

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10 Mar 2014 08:26

UK MORNING BRIEFING: Shares Gain; Fyffes To Merge With Chiquita

LONDON (Alliance News) - Shares have opened higher Monday despite a weak lead from Asia.

M&A and share placings have grabbed attention at the open.

Chiquita Brands International Inc and Fyffes PLC said they will merge to create the world's largest ba

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10 Mar 2014 07:58

Chiquita To Buy Fyffes To Create World's Biggest Banana Company

LONDON (Alliance News) - Chiquita Brands International Inc and Fyffes PLC Monday said they had reached a deal whereby Chiquita will acquire Fyffes to create the world's largest banana company, but the deal is sure to draw the scrutiny of antitrust regulators. In a statement, the companies s

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10 Mar 2014 07:43

MARKET COMMENT: UK Stocks Set To Follow Asian Equities Lower

LONDON (Alliance News) - UK stocks are set to open slightly lower Monday, taking cue from Asian counterparts. Over the weekend, data from China revealed that exports from the world's second largest economy declined unexpectedly in February. Exports declined by 18% in February, reversi

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10 Mar 2014 07:09

Fyffes agrees tie-up with Chiquita International

Fruit supplier Fyffes said it had agreed a merger with Chiquita Brands International as it served up sweeter annual profits and revenue, but said it faced rising costs. Fyffes said the deal would result in its shareholders owning about 49.3% of the new company, ChiquitaFyffes, and Chiquita's invest

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10 Nov 2013 16:28

Sunday share tips: TalkTalk, Fyffes, Halfords

TalkTalk's focus on the cheap end of the pay-TV market is a winning formula, the Sunday Times's Danny Fortson wrote in his Inside the City column. When it reports half-year results on November 12th analysts will be looking out for how its new ultra-budget Essentials package has performed. Barclays e

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5 Sep 2013 09:01

Fyffes Profits Stable As Melons Sell Well But Banana Costs Rise

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5 Sep 2013 07:32

Fyffes lifts full year view

Tropical fruit importer and distributor Fyffes boosted its full year targets after it revealed an improved set of half year earnings. The Dublin headquartered group, which import tropical produce from operations in Central and South America, the US and Europe, said first half total revenue, includi

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19 Sep 2012 16:40

Galliford Try Finance Director sells as firm doubles divi

Frank Nelson, the Finance Director of Galliford Try, the house-building and construction firm, has sold 80,000 shares on the same day the company reported soaring profits in the year ended June 30th. Nelson, who was appointed to the board in 2000, traded in the shares at 686.63p each for a total o

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