Fyffes, famous for its bananas, has acquired a Canadian mushroom company.
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Fyffes, the food distribution company, has acquired a Canadian mushroom company in a €41m deal. All Seasons is based in the Canadian province of British Columbia and is one of the largest mushroom producers in Western Canada.
This is the second Canadian mushroom company that Fyffes has bought this year after it paid €99m to acquire Highline Produce in April. This latest deal is part of a wider attempt by Fyffes to diversify its business.
Three years ago, about 75% of the company’s turnover came from its core banana procurement and distribution business. Next year, it is estimated that just 50% of Fyffes turnover will come from bananas, with the other half derived from mushrooms, but also melon and pineapple sales.
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Fyffes believes the acquisition of All Seasons will add about 20% to its earnings in 2017.
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Fyffes, the food distribution company, has acquired a Canadian mushroom company in a €41m deal. All Seasons is based in the Canadian province of British Columbia and is one of the largest mushroom producers in Western Canada.
This is the second Canadian mushroom company that Fyffes has bought this year after it paid €99m to acquire Highline Produce in April. This latest deal is part of a wider attempt by Fyffes to diversify its business.
Three years ago, about 75% of the company’s turnover came from its core banana procurement and distribution business. Next year, it is estimated that just 50% of Fyffes turnover will come from bananas, with the other half derived from mushrooms, but also melon and pineapple sales.
Fyffes believes the acquisition of All Seasons will add about 20% to its earnings in 2017.
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