Britvic to buy France’s Fruite for €237m
Published 18/05/2010 | 09:51
Britvic has said it submitted a binding offer to buy Fruite Entreprises SA for €237m to expand its soft drinks presence in Europe.
The proposed deal would add to earnings in the first full year of ownership before integration costs, Britvic said in a statement today.
Fruite, an independent soft drinks company in France, makes syrups and pure juice drinks and has brands including Teisseire and Moulin de Valdonne, Fruité and Pressade, according to the statement.
Britvic wants to expand in Europe as its UK and Ireland markets struggle to get out of recession.
“The contemplated acquisition would extend our soft drinks focus into continental Europe, would drive our already strong portfolio into new markets and would enhance our GB offering,” Chief Executive Officer Paul Moody said in the statement.
Net income increased to £21.1m in the 28 weeks ended April 11, from £4.9m a year earlier, Britvic said in a separate statement.
“Trading conditions in Ireland remain difficult,” the company said, with revenue growth slowing in the GB and International units in the second quarter.
The company said it was confident of meeting forecasts for the full year.