Ireland-based tropical fruit importer Fyffes has announced that, subject to merger control approval from the German Cartel Office, it has acquired 33.3 per cent of German fresh produce distributor and service provider Fruchtimport vanWylick.
In a statement to the Irish Stock Exchange, Fyffes said it expected the transaction to be contributing to its earnings in 2011.
VanWylick is one of the leading fresh produce companies in the German market, with sales in excess of €200m.
The group incorporates a network of banana-ripening and distribution centres across Germany, sourcing produce globally for customers in the wholesale and retail trade.
David McCann, chairman of Fyffes commented: 'The investment in vanWylick represents an important development for Fyffes in the German market, with a significant opportunity for growth, and it represents a continuation of our strategy of acquiring strong businesses in our sector.'
According to Fyffes, the business will continue to be managed by directors Dirk Allerding, Jens Allerding and Peter Malsbender.
The Allerding family will also retain a 33.3 per cent stake in the company, with Gemüsering Stuttgart's recent acquisition of the remaining third remaining in place.
Gemüsering, a fresh vegetable producer and marketer supplying high-quality fresh and processed products throughout Germany, had a turnover of more than €400m last year.
Mr McCann added: 'The association of vanWylick, Gemüsering, Weichert and Fyffes in Germany will create new opportunities to provide comprehensive services to the wholesale and retail sector.'