Total Produce to pay €32m for stake in Canada's Grandview
FRUIT and veg distributor Total Produce is to take a majority stake in a Canadian firm in a deal worth an estimated €32m.
The company will buy a 65pc stake in two stages in Grandview Ventures Limited, which trades as the Oppenheimer Group.
Total will take a 35pc share in Grandview initially, with the remainder being taken up in 2017. The final price will be determined by the company’s performance at the time.
Grandview Ventures is headquartered in Vancouver in Canada. It provides fresh fruit and vegetables to retail, wholesale and foodservice customers throughout the US and Canada.
It had sales of €410m in 2011 and operating profits of €8.6m.
Total chief executive Carl McCann commented: ''This transaction offers us a very significant growth opportunity and represents a continuation of the group's development strategy of acquiring strong businesses in our sector.”