Total Produce ‘could be worth €1bn’ if taken over

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Fred Searle

BY FRED SEARLE

Total Produce ‘could be worth €1bn’ if taken over

CEO Rory Byrne estimates that fresh produce giant could almost double its market value if it is bought out

Total Produce ‘could be worth €1bn’ if taken over

Rory Byrne

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Total Produce could almost double its market value to around €1 billion (£853 million) in the event of a takeover by another company, CEO Rory Byrne has predicted.

Such a deal would make the fresh produce supplier, which demerged from Fyffes at the end of 2016, more valuable than Fyffes itself, the Irish Independent reported.

Total Produce currently has a market capitalisation of £531m (€623m) placed on it by its current share price. Fyffes, meanwhile, was sold to Japanese firm Sumitomo in January, following approval from shareholders, and was delisted from the Irish stock market in February.

Byrne told the Irish Independent he was unaware of any companies currently looking to buy Total Produce, but he did say his business was searching for acquisitions of its own.

"There's maybe further road to go," he said in an interview with the newspaper. "As our market cap has crept up we've crept on to the radar of a wider investment group.”

Byrne added: "Obviously, if someone decides to make a takeover bid, there is undoubtedly is a takeover premium associated with doing that.”

Total Produce’s most recently published turnover amounted to £453.4m, making the firm Britain’s largest fresh produce company, ahead of Poupart in second place.

In March this year the produce giant completed the second stage of its purchase of shares in US importer-distributor Oppy, while reinforcing ties with New-Zealnad based distributor T&G Global.

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