BayWa has announced that it has taken an "important step" in its international growth strategy by moving to acquire a stake in TFC Holland.
In a statement, the German group said that it would take a 68.4 share in the De Lier-based exotic fruit and vegetable supplier for €28.7m, subject to approval by antitrust authorities.
"The takeover is an important step for BayWa in its international growth strategy in the agricultural segment," the group outlined. "TFC has long-standing international trade relations in all procurement markets for exotic fruits - mainly for avocado, mango, ginger and citrus fruits, as well as with the European food retail industry. The company employs 49 staff."
By expanding its portfolio in the growth market for exotic speciality fruits, in particular in the ready-to-eat sector, BayWa noted that it was strengthening its position as a leading international supplier of exotic and pome fruit.
"The European market for exotic fruits has been on the rise for several years. TFC's product range of appealing specialities is an excellent complement to our existing pomefruit business," said BayWa CEO Klaus Josef Lutz. "For the European food retail industry we are gaining significance for future cooperation as a result of this majority stake."