Greenyard Foods Seals Deal for Lutèce Acquisition
Greenyard Foods, the Belgium-headquartered producer of frozen and canned vegetables, fruits, soups, sauces, ready-to-use culinary preparations, substrates and other products, has finalized the acquisition of Lutèce. The purchased company, a supplier of high quality canned mushrooms, has two modern production facilities in the south of the Holland at Velden and Horst. Employing approximately 190 workers, its sales in 2015 amounted to EUR 110 million.
The addition of Lutèce to the Greenyard Foods portfolio is expected to result in significant synergies and has an immediate positive impact on the EBITDA of the group. Financing the acquisition was arranged with existing credit facilities, and the transaction had no impact on net financial debt.
Marleen Vaesen, chief executive officer of Greenyard Foods, commented: “The acquisition of Lutèce is an ideal addition to our existing operations, allowing us to further strengthen our leadership position in the canning business by expanding into preserved mushrooms, an adjacent and attractive market for us. One of the cornerstones of our success over the years has been working closely and successfully with growers to constantly improve and adapt to meet the needs of customers and consumers.”