Greenyard Foods, Univeg and Peatinvest Consider Merger

Greenyard Foods (Euronext Brussels: GRYFO) announced on February 4 that it would start preliminary discussions in relation to a possible business combination between itself, Univeg Group and Peatinvest.

A statement issued by board of directors of Gent, Belgium-headquartered Greenyard Foods said that a business combination of the three groups has the potential to create a “unique global player in the fruit and vegetables market capable of offering the full range of fresh, frozen and canned products,” with combined sales in excess of EUR 3.7 billion.

Such a union “will be beneficial to growers, consumers, retailers, employees and shareholders,” said Chairman Hein Deprez. “We believe societal trends call for a more holistic view on fruit and vegetable consumption.”

The Deprez Holding is a reference shareholder in Greenyard Foods, Univeg and Peatinvest.

Discussions are scheduled to take place regarding valuation and transaction structure, and a joint strategic roadmap for the combined entity is being developed. No final decision has been reached regarding the structure of any business combination.

“In the meantime, there can be no certainty on any agreement between the three entities, or as to the terms of any such agreement,” said Deprez. “A further announcement will be made in due course, if and when appropriate.”

About the Companies
Greenyard Foods NV is active predominantly in the processing and commercialization of frozen and canned fruit and vegetables and ready-to-eat food. The group has 2,200 employees and 13 production sites in Belgium, France, the United Kingdom, Poland and Hungary, in addition to subsidiaries and sales offices on five continents.

Univeg is a worldwide supplier of fresh produce, active in the fields of fruit, vegetables, flowers, plants, convenience products, transport and logistics. Operating worldwide and serving a global customer base, the company employs 4,000 staff (after carve-out of the Fruit Farm Group) in 27 countries on five continents.

Peatinvest and its subsidiaries have been involved in the horticultural sector for 30 years and employ 400 workers. The group has nine production sites in four countries and supplies growers throughout the world with a wide range of substrates for growing plants, fruit and vegetables marketed under the Peltracom brand for the professional market and the Agrofino label for the hobby market.