Total Produce goes bananas for deals

Irish fruit and vegetable importer and Fyffes spin-off Total Produce has bought a 60 per cent stake in two Dutch fresh produce distributors, Haluco and Nedalpac, for up to €23 million (£18.6 million).

Irish fruit and vegetable importer and Fyffes spin-off Total Produce has bought a 60 per cent stake in two Dutch fresh produce distributors, Haluco and Nedalpac, for up to €23 million (£18.6 million).

The deal will be funded through an initial cash payment of €9.5 million with Total Produce set to pay an additional €13.5 million if Haluco and Nedalpac hit performance targets by 2011.

The two salad companies are headquartered in Bliswijk and on 31 December 2007 recorded combined pre-tax profit of €5.5 million on revenues of €298 million.

Total produce was created in 2007 and comprises the former general produce and distribution division of Fyffes. It recorded turnover of €1.7 billion and operating profits of €32 million in 2005.