Fruit and vegetable distributor Total Produce has completed an agreement to acquire a 65 per cent majority shareholding in the Vancouver-headquartered Oppenheimer Group.
The acquisition of an initial 35 per cent of Oppenheimer's shares has been completed. A further 30 per cent shareholding will be acquired in 2017 at a price to be determined based on future profits.
"The acquisition continues the international expansion of Total Produce and represents an important entry into the North American market," the company said in a statement.
Total Produce posted adjusted earnings per share of 7.24 cent in 2011, ahead of guidance. The company increased its pre-tax profits by 2.3 per cent to €34.4 million in 2011, despite the impact of the E.coli scare in Europe.
The Group employs more than 4,000 people in over 100 locations across Europe and North America and in 2011 reported a turnover in excess of € 2.5 billion.
The Oppenheimer Group is a leading North American fresh produce distribution and marketing company. It sells nearly 40 million boxes of fresh produce annually and recorded sales of € 410 million in 2011.
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