Multinational produce company Fyffes is taking majority control of German importer Fruchtimport vanWylick, in a deal which will see it increase its share in the business to 74 per cent.
According to a statement, two of Cologne-based vanWylick's four major shareholders, South Africa's Capespan Group and Stuttgart-based vegetable specialist Gemüsering, have each agreed to sell their 25 per cent stake to Fyffes, but will continue to supply the business as strategic partners.
The Allerding family, which originally purchased the firm via a management buyout in 1984, will retain the remaining 26 per cent.
Its partnership with tropical fruit and mushroom supplier Fyffes goes back to 2011, when the Dublin-based group acquired one-third of vanWylick.
'We are looking forward to continuing to work with Capespan and Gemüsering,' a spokesperson for Fyffes commented. 'This purchase strengthens the relationship between Fyffes and vanWylick and will enable Fyffes to deliver better services to its customers.'
With annual turnover of €272m and 300 employees, vanWylick handles over 300,000 tonnes of fresh produce a year, including over eight million boxes of bananas.
In has eight ripening centres in Germany, including a recently purchased facility in Stuttgart as well as new facilities built in Cologne and Munich during the past four years.
'vanWylick remains an independent operation and Fyffes is proud to work with managing directors, Dirk and Jens Allerding, who will remain as leaders of the business,' the spokesperson added.
The transaction is subject to merger clearance by the European Commission.
Fyffes has been a subsidiary of Japan's Sumitomo Corporation since 2017.