Fyffes expects earnings to ‘mushroom’ after new buy

Fruit distributor Fyffes has diversified its product offering with the €98m acquisition of Highline Produce, the largest mushroom producer in Canada.

The Dublin-based group will fund the purchase through new and existing bank debt and will refinance Highline’s existing debt facility in the process.

Retail customers account for 75% of Highline’s sales, with wholesale, foodservice, and canning customers representing the balance. US sales account for 35% of the company’s annual revenues.