Total Produce takes 50% stake in Canadian firm Gambles Group

Dublin-based fruit and vegetable distributor, Total Produce, has enhanced its North American footprint by acquiring a 50% share in Canadian fresh produce company, Gambles Group.

The deal marks the fourth North American investment made by Total, the former general produce arm of Fyffes.

One of the main produce companies in the east of Canada, despite only being set up in 1989, Toronto-based Gambles employs nearly 300 people and has annual sales of Can$170m (€119m).

Welcoming the deal, Carl McCann, chairman of Total Produce said: “This transaction further broadens our North American operations. We look forward to working with the excellent people in Gambles over the coming years.”

Jeff Hughes, president of Gambles, went further by saying the introduction of Total as half owner will further strengthen “what we have developed over many years”.

He added: “We believe it is a combination that will benefit all stakeholders including our growers, suppliers, staff and, of course, our customers.”

Mr Hughes, along with Gambles’ vice presidents Rob Giles, Rick Ashford, and Richard Rose will remain as shareholders of the business and key members of the executive management team.

Total Produce’s most recent communique was back in September when it reported a 4.5% year-on-year reduction in first half revenues to €1.6bn and a near 6% increase in interim pre-tax profits to €24.2m.

At the time, management said that growth will continue to be driven by successful acquisitions, adding that full-year earnings per share should come in at between 8.4c and 9.4c.