Major Belgian investors exit as founder’s investment vehicle Garden secures enough shares to proceed with complete buyout and privatisation of the international fresh produce company
Belgian company Garden is poised to secure its planned buyout of Greenyard, a major global player in fresh, frozen and prepared produce, after it apparently surpassed a crucial 95 per cent share ownership threshold in the group.
The development, which is understood to have taken place on 25 July, opens the door fully to a full takeover and privatisation led by Greenyard’s own founder, majority shareholder, and current co-CEO Hein Deprez.
It also signifies the departures of three prominent Belgian investors – Alychlo, Sujajo Investments, and Joris Ide – which have sold all of their stakes in the business.
As a result, there have been a number of changes to Greenyard’s board of directors, effective 1 August.
These include the addition of Gabriel Santana and Pam Egleston, respectively investments team principal, and general counsel and chief compliance officer at Solum Partners.
They replace Els Degroote of Alychlo and Marc Ooms of Bonem Beheer, both of whom have resigned voluntarily.
Last month, Deprez’ bid to regain full ownership of the Belgian multinational made a major advance, after Garden convinced shareholders to sell up more than half the Greenyard shares it didn’t already own.
Those who had not taken up Garden’s initial offer were given a second chance to tender their own shares, during a new so-called acceptance period that runs until 13 August.
Garden, an investment vehicle created specifically to cultivate the takeover, is jointly controlled by two companies, Food Invest International and Harvest.
The former is owned by Deprez Holding, while the latter is operated by Robusta, which in turn is controlled by Solum Partners.
