Fyffes buys Swedish company for up to €77.6m

Irish fruit distributor Fyffes said it is buying the Swedish fresh produce company Everfresh for up to €77.6m.

Fyffes is initially paying €28.7m for a 60% stake in Everfresh, and will acquire the remaining 40% of the shares in 2007.

The total sum to be paid depends on Everfresh's performance in the period to December 2006.

Headquartered in Helsingborg in Sweden, Everfresh employs over 315 people and operates from four locations in Sweden and one in Finland.

It had a turnover of €300m in 2003 while its pre-tax profits came to €4.4m.

Fyffes said it expects the acquisition to be earnings enhancing from the date of completion.