Total Produce is to buy 50% of Dutch firm Frankort & Koning Beheer Venlo and its subsidiaries in a deal worth up to €15m.
Headquartered in Venlo in the Netherlands, Frankort & Koning is a fresh produce company with operations mainly in the Netherlands, Germany and Poland. It posted a turnover of €296m last year and has net assets of about €5.5m.
Total Produce said an initial cash consideration of €6m will be paid for the 50% stake. It added that an additional consideration, which will not exceed €9m, will be paid over the next number of years if certain profit targets are met.
The company said the deal is subject to the normal regulatory clearances and added that it expects the acquisition to be earnings enhancing from the date of completion.
Total Produce chairman Carl McCann said the latest Dutch deal adds to the company's presence in its key European markets.
