Fyffes seals mushroom acquisition

Fyffes has expanded its mushroom business in Canada

Banana producer and distributor Fyffes has expanded its operations in Canada, after acquiring its second mushroom business in British Columbia.

Fyffes paid £34.4M (CAD$59.1M) for 100% equity of All Seasons Mushrooms today (September 8), funding the acquisition through existing bank debt.

The acquisition followed the purchase of mushroom producer Highline Produce by the company in April 2016.

All Seasons operates from four facilities and is one of the largest mushroom producers in western Canada. Its geographic reach complement Highline Produce, according to Fyffes. 

“We are very pleased to have acquired All Seasons. It represents an excellent strategic addition to the Highline business which we acquired earlier this year,” said Fyffes chairman David McCann.

‘Highest quality mushrooms’

“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.” 

In the absence or further investment activity, Fyffes expected its 2016 year-end net debt to be less than 2.75 times earnings before interest, taxes, depreciation and amortisation.

Current All Seasons ceo Frank Moscone will remain in the business and said the company was delighted to be joining the Fyffes group.

Coverage nationwide

Moscone also said he was excited about the potential in working with Highline to provide coverage nationwide for the companies new combined customer base.

Established in 1901, Dublin-based Fyffes produces, ships, ripens and distributes a wide range of fruits, with focus on bananas, pineapples and melons.

Its ripening facility in Basingstoke is the largest in Europe and is able to accommodate more than 2,100t of bananas at any one time.

The company was set to become the world’s largest banana firm after it merged with Chiquita brands in March 2014, but it terminated the agreement in October the same year.

Related News

Vitamin D enriched mushrooms are being launched by Tesco

Tesco to sell mushrooms enriched with vitamin D

Mars now owns 100% of Wrigley

Mars takes full control of Wrigley

Ranjit Singh Boparan

Boparan acquisitions in 2016 – in pictures

Sports nutrition firm CNP has been bought by The Protein Partners

First Milk sells sports nutrition company

LGC Group has acquired the majority share of BRC Global Standards

BRC Global Standards acquired by LGC

Food ingredients firm Chaucer has been acquired by Japanese company Nagatanien. Image courtesy of Flickr user Cassidy

Chaucer acquired by Japanese firm in £95M deal

Jobs have been saved at a bacon producer, after it fell into liquidation

Turners sale saves bacon jobs after Brexit woes

Sumitomo has offered £632M for the acquisition of Fyffes

Banana supplier in £632M takeover deal

Food Manufacture’s top mergers and acquisitions of 2016

Top mergers and acquisitions of 2016

Overseas investment in the UK food and drink industry has hit a three-year high

Overseas investment in UK hits three-year high

Food and drink sector mergers and acquisitions are predicted to rise this year

Food and drink M&As predicted to rise in 2017

JBT acquires high pressure processing firm Avure

JBT acquires high pressure processing firm Avure

Fyffes has been suspended from the Ethical Trading Initiative (Flickr/@nelli.es)

Fyffes suspended from Ethical Trading Initiative

Weetabix’s £1.4bn sale to Post Holdings leads our gallery of food and drink industry acquisitions

Food and drink acquisitions of the year so far

Beechdean Group has acquired 50% of ice cream manufacturer Lovingtons

Beechdean scoops up ice cream firm

Bakery chain Lagkagehuset has been acquired by Nordic Capital

Bakery firm acquired by Nordic Capital

Popcorn manufacturer Butterkist has been purchased by KP Snacks

Butterkist purchased by KP Snacks

Danone, Pioneer and Cranswick all feature in this photogallery of Acquisitions

Top food and drink acquisitions of the year – so far

Sandoz will be re-named Corden BioChem GmbH. (Image: iStock)

ICIG completes acquisition of Sandoz site

Ball Magic Straw products.

FTC approves Ball's acquisition of Rexam in the US

Sulzer moves into cosmetics with acquisition of Geka

Sulzer moves into cosmetics with acquisition of Geka

Omron acquisition extends its robot offering

Omron acquisition extends its robot offering

Evidera’s real world research services will further strengthen PPD’s peri- and post-approval capabilities. (Image: iStock/Nastco)

PPD completes Evidera acquisition, committed to seamless integration

Ashley Hicks (Kettle Chips md), Julian Metcalfe and Robert Jakobi (Metcalfe skinny co-owners) (from left to right)

Kettle Foods completes snack acquisition

Cargill looking forward to share its "passion for protein" with Five Star Custom Foods

Cargill in Five Star Custom Foods acquisition

Submit a comment

Your comment has been saved

Post a comment

Please note that any information that you supply is protected by our Privacy and Cookie Policy. Access to all documents and request for further information are available to all users at no costs, In order to provide you with this free service, William Reed Business Media SAS does share your information with companies that have content on this site. When you access a document or request further information from this site, your information maybe shared with the owners of that document or information.