Fyffes in €41m move for second Canadian mushroom business
Published 08/09/2016 | 07:43
Irish fruit and veg firm Fyffes has splashed out €41m on Canadian mushroom business All Seasons Mushrooms.
The deal is Fyffes' second move into the Canadian mushroom market having acquired Highline Produce back in April. Fyffes has acquired full equity in All Seasons, funding the deal through its existing bank debt.
All Seasons is based in British Columbia and is one of the country's biggest mushroom producers. The firm operates out of four facilities, three of which are owned. Fyffes said its location will be very complementary to Highline. The All Seasons chief executive Frank Moscone will retain his role after the acquisition.
Fyffes chairman David McCann said he was pleased with the deal.
"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," Mr McCann said.