Total Produce plc, Europe’s leading fresh produce company, announces that it has completed its acquisition of 50% of Frankort & Koning Beheer Venlo B.V. (“Frankort & Koning”) and subsidiaries.
Total Produce announced recently, that it had entered an agreement to acquire the shareholding in Frankort & Koning for up to €15m, comprising an initial cash consideration of €6 million along with additional consideration payable over the next number of years if certain profit targets are met. Total Produce then announced that it had received regulatory clearance for the acquisition.
The acquisition, with turnover of €296 million in the year ended 31 December 2010, adds to the group’s presence in key European markets.
