Acquisition of 50% of Frankort & Koning Group (2849U)
December 20 2011 - 2:00AM
UK Regulatory
TIDMTOT
RNS Number : 2849U
Total Produce Plc
20 December 2011
Total Produce plc Stock Exchange Announcement
Total Produce acquires 50% of leading Dutch fresh produce
company
Total Produce plc, Europe's leading fresh produce company,
announces that it has entered an agreement to acquire 50% of
Frankort & Koning Beheer Venlo B.V. and subsidiaries for up to
EUR15 million ("Frankort & Koning"). Headquartered in Venlo,
the Netherlands, Frankort & Koning is a highly respected fresh
produce company with operations principally in the Netherlands,
Germany and Poland. Frankort & Koning recorded a turnover of
EUR296 million in the year ended 31 December 2010 and realised
average profits after tax and minorities of EUR2.7m over the last
three financial years. It will have net assets of approximately
EUR5.5 million at completion. An initial cash consideration of
EUR6.0 million will be paid for the shareholding on completion. An
additional consideration, which will not exceed EUR9.0 million,
shall become payable, in several tranches over the next number of
years if certain profit targets are met. The transaction is subject
to the normal regulatory clearances. The group will continue to be
managed by the existing management team, each of whom has entered
into a long term service agreement as part of the transaction.
Commenting on the transaction, Carl McCann, Chairman of Total
Produce said:
"We are very pleased to become shareholders in Frankort &
Koning and look forward to working with our new partners to develop
the business further. This acquisition adds to our presence in key
European markets".
Mr. Theo Koning, of Frankort & Koning said:
"The Frankort & Koning team are very happy to be joining
with Total Produce. This represents an important step in the
development of our group and will help to ensure that Frankort
& Koning continues to be in a position to offer the highest
level of service to our customers in the future".
Total Produce expects the acquisition to be earnings enhancing
from the date of completion.
20 December 2011
For further information, please contact: Brian Bell, Wilson
Hartnell PR Tel: +353-1-669 0030
This information is provided by RNS
The company news service from the London Stock Exchange
END
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