Fyffes acquires Canadian mushroom company Highline Produce
Posted: 5 April 2016 | | No comments yet
Dublin-based Fyffes has acquired Canadian mushroom company Highline Produce for a purchase price of USD 111.3 million…
Founded in 1961, Highline operates four production facilities in Ontario and a distribution centre in Quebec. Highline’s highly developed cropping techniques have enabled them to grow all white, mini bella and portabella mushrooms without the use of any pesticides or fungicides regularly required in the cultivation of mushrooms. The company produces mushrooms for retail and food service markets throughout Canada and the United States. Under previous owner Peak Rock Capital, the company expanded its sales and marketing functions, focused its go-to market strategy on certified organic products and invested behind increased productivity and efficiency in its plants. Glenn Martin, chief executive officer of Highline, and his management team will continue to lead the business.
Commenting on Highline’s acquisition, Mr. Martin said: “We are excited about this transaction and delighted to be joining Fyffes, given its long history and successful track record of growth. We look forward to working with Fyffes management as we continue to grow our own business into the future.”
Transaction fits ‘perfectly’ with Fyffes’ strategic objective
Fyffes has been in the fresh produce business for over 125 years. It is a producer, shipper and marketer of bananas, melons and pineapples with operations in Europe, the United States, Central and South America. Fyffes produce in the US and Canada is sold under the Fyffes, Turbana, Sol and Fresh Quest labels. Fyffes is the largest importer of winter melons into the US and it also has a significant presence in the banana and pineapple category. The Highline transaction is expected to be immediately accretive to Fyffes earnings and gives Fyffes an a strong foothold in another product category.
Fyffes Chairman David McCann added: “Highline is a very fine business with a strong position in an important product category. We look forward to working with Glenn Martin and his management team to continue to develop the business. This transaction fits perfectly with Fyffes’ strategic objective of adding an additional product to its existing three through the acquisition of an established, successful, integrated operator in a category with significant scale.”