Fresh produce firm Greenyard has announced that it is to sell its Netherlands-based mushroom processing business, Greenyard Prepared Netherlands.
Polish private equity investment firm Cornerstone Investment Management will acquire 100% shares of Greenyard Prepared Netherlands in association with European financing provider Kartesia.
The transaction, with a share value of €17 million, is expected to close this summer.
'Ambitious Growth Plans'
Hein Deprez, co-CEO of Greenyard, said, “With the divestment of Greenyard Prepared Netherlands, we have fully completed our transformation, and we are now able to further accelerate on core activities around the globe while continuously deepening our strategic relationships.
"Cornerstone Investment Management has the clear intention to further develop the activities of Greenyard Prepared Netherlands and has ambitious growth plans, which will be instrumental for its success.”
The divestiture is not expected to have a material effect on the group’s financial results and supports the reduction of the group’s leverage ratio position, Greenyard added.
Managing partner at Cornerstone Investment Management, Andrzej Klesyk, said, “Greenyard Prepared Netherlands is a well-known player in the mushroom business and has state-of-the-art capabilities.
“We are looking to further invest in the company and continue to make it stronger, in a highly demanding market. This acquisition is just the first step in our long-term strategy.”
Greenyard Prepared Netherlands operates from its facility in Velden in the Netherlands.
It specialises in processing and supplying high-quality, freshly harvested mushrooms in cans and jars to customers across the world.
In April of this year, Greenyard raised its adjusted EBITDA guidance to approximately €116 million - €117 million for the full financial year 2020/2021.
It is one of the leading names in fresh, frozen and prepared fruit and vegetables, flowers and plants. Its customer base includes leading retailers in Europe and it employs around 9,000 people in 23 counties across the world.