Total Produce has announced a deal to buy 65% of Canadian firm Grandview Ventures Limited in two stages.
The company trades as the Oppenheimer Group.
Total said it will buy a 35% shareholding next month for an initial cash payment of €11.7m. More will be paid for those shares in 2015 if certain profit targets are met.
A further 30% shareholding will be purchased in 2017 for a price which will be determined based on future profits.
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.
The total consideration payable for the 65% shareholding is estimated not to exceed €32m, the company said.
Total said the deal continues its international expansion and is an important entry into the North American market. It added that it expects the deal to be earnings enhancing once it is completed.
''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,'' commented the company's chairman Carl McCann.
