Wednesday 3rd October 2012, 10:15 London
Produce Investments acquires Rowe Farming
Greenvale's parent company Produce Investments has acquired Cornish potato and daffodil growers Rowe Farming Ltd
In the UK, Greenvale's parent company Produce Investments has acquired Cornish potato and daffodil growers Rowe Farming Ltd.
This week's deal, which is part cash, part equity, sees Rowe Farming directors Mark Rowe, Edward Rowe and Robert Stacey join an enlarged PI group, with Mark Rowe also joining the Greenvale board.
PI, a listed company, said the move would give Greenvale increased access to UK-grown early potatoes, reducing its reliance on imports during the late spring and early summer.
It also brings a diversification for the group into the non-potato arena, but PI stressed it sees Rowe's potato and daffodil operations as complementary, utilising a similar land base, equipment and facilities, while the marketing seasons of the different crops dovetail well.
Greenvale chief executive Angus Armstrong said: “We are delighted to have acquired Rowe Farming. It is an exceptionally well run, high-quality business and has been successfully managed by the Rowe family for three generations.
"Strategically the two businesses are well aligned, with Rowe Farming bringing control of an additional proportion of our UK potato crop requirements, complementing our own existing growing operations. It also sees us diversifying into a new and complementary sector, a sector which has shown healthy growth during recent seasons”.
Mark Rowe, managing director of Rowe Farming, added: “By joining a large-scale and progressive company such as Greenvale, we believe that we can reach our full potential in both product categories. Greenvale has skills that will complement ours and we have skills that will complement Greenvale; the enlarged business will go from strength to strength.
"All members of the Rowe Farming board are excited about the potential for the future and look forward to working as part of the Greenvale team”.