Fyffes in $30m deal with Del Monte

EUROPE’S largest fresh produce company, Fyffes, is to pay $30 million for 80% of the Hamburg-based Internationale Fruchtimport Gesellschaft Weichert & Co (INTER) from Del Monte Fresh Produce.

The transaction is subject to certain conditions, principally antitrust clearances. The remaining 20% of INTER not included in the sale is owned by the Weichert family, who have managed and developed the business for over 50 years.

Fyffes chairman Neil McCann said: “We are pleased to become long-term partners of the Weichert family, whom we have known and held in high regard for many years. We are also pleased that we were able to agree a transaction that was helpful in enabling Del Monte and INTER to achieve their respective goals. This acquisition is an important further step for Fyffes in developing its business.”

INTER is an importer and distributor of bananas, pineapples and other fresh fruit and produce primarily into northern and central Europe, serving both the retail and wholesale sectors.

For the year ended December 31, 2001, INTER reported turnover of €137m and profits before tax of €4m. Fyffes share of INTER’s tangible net assets at completion is expected to amount to €5.9 million. Fyffes expects the transaction to be earnings enhancing from the date of acquisition.