Produce Investments, the British potato supplier, today struck a £15 million deal to buy the largest grower of Jersey Royal spuds.
Known for its Greenvale brand, Produce Investments is paying £11 million in cash and £4 million in shares for the Jersey Royal Company, and has been given an option to buy its main packing site for £6.35 million within three years.
"It takes the company into a very significant sector of the potato market and we are both excited and confident about the future earnings potential," said chairman Barrie Clapham in a statement.
Produce Investments revealed in January that it was in talks to buy Jersey Royal, which produces about 25,000 tonnes of potatoes a year and employs more than 500 people when the season peaks each May.
© 2014 - European Supermarket Magazine by Enda Dowling
To sign up to ESM’s weekly e-zine newsletter, send an email with the subject: ‘Subscribe ESM news’ to [email protected]
