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Carl Collen

BY CARL COLLEN

Monday 14th June 2021, 09:48 London

Greenyard offloads mushroom business

Cornerstone Investment Management has agreed a deal to acquire Greenyard Prepared Netherlands

Greenyard offloads mushroom business

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Greenyard has announced that it has signed an agreement to offload Greenyard Prepared Netherlands, which specialises in the processing and supply of freshly harvested mushrooms in cans and jars to customers worldwide.

Cornerstone Investment Management, a Polish private equity investment firm, in cooperation with Kartesia, a European specialist financing provider, has agreed to acquire 100 per cent of the shares in the Velden-based operation.

The closing of the transaction is expected to occur during the summer of 2021, with the equity value of the shares determined at €17m.

According to Greenyard, the divestment is not expected to have a material effect on its financial results, and it further supports the reduction of its leverage ratio position.

“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," said Hein Deprez, co-CEO of Greenyard. "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.”

Andrzej Klesyk, managing partner at Cornerstone Investment Management, 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.”

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