Total Produce Acquires 50% Stake In California Fruit Firm
Irish fresh-produce provider Total Produce has announced that it acquired a 50% equity stake in California-based firm Fresh Connection.
The US company exports a wide range of fresh fruits and vegetables to customers in over 35 countries, generating sales of $165 million in 2016.
It specialises in citrus, apples, pears, grapes, berries, cherries and stone fruit, with partners across the US, Mexico, South America, South Africa and Australia.
"We are delighted to become shareholders in the Fresh Connection," said Carl McCann, chairman of Total Produce.
"This transaction further broadens our US presence and provides us with strategic access to other key markets," McCann continued.
Total Produce reported a 12% increase in revenue, to €2.15 billion, for the first half of the year, boosted by the contribution of the group's recent acquisitions.
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Sarah Harford. Click subscribe to sign up to ESM: The European Supermarket Magazine.