Total Produce plc, Europes 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, on 20 December 2011, 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. On 5 March 2012, Total Produce 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 groups presence in key European markets.
Total Produce plc
13 March 2012
For further information, please contact:
Ivan Murphy, Davy Corporate Finance
Tel: +353-1-679 6363
Brian Bell, Wilson Hartnell PR
Tel: +3531 669 0030