The J.R. Simplot Company, a privately held food and agriculture enterprise headquartered in Boise, Idaho, USA, and Clarebout Potatoes, a major private label potato processor based in Belgium, on July 14 announced Simplot’s intention to acquire the operating business of Clarebout. The acquisition, terms of which were not disclosed, will bring together two leaders in the processing and distribution of frozen potato products and related services. The parties anticipate closing the transaction later this year, following the receipt of all regulatory approvals.
“This is an exciting time for Simplot,” said Graham Dugdale, president of Simplot’s Global Food division. “We are thrilled about the synergy that Clarebout brings to our business, which not only expands our ability to serve the European market but brings together a pair of family-owned companies who align closely in core values and our commitment to customers, employees and the communities where we operate.”
The announcement comes after discussions surrounding the companies’ shared desire to form a strong food foundation capable of meeting the world’s evolving economic, agricultural and environmental demands. By joining forces, the two companies have succeeded in creating a frozen potato processing group with complementary assets to serve customers around the world with localized supply from 23 production locations.
“It’s a coming together of heart and mind. With Simplot, we share the common values of family businesses,” said Jan Clarebout, chief executive officer of Clarebout Potatoes. “Simplot, like Clarebout, started from scratch and managed to grow while remaining faithful to principles as essential as respect for people and the Earth. We could have continued on our own, but the economic reality of the world, and a form of common sense, led us to come together. It’s a choice for the future and a sustainable future.”
The agreement between the two parties provides for the maintenance and expansion of Clarebout Potatoes’ assets – staff and production sites – on the European continent. BofA Securities acted as exclusive financial advisor, and Gibson, Dunn & Crutcher LLP and Loyens & Loeff BV/SRL acted as legal advisors to the J.R. Simplot Company. Lazard acted as exclusive financial advisor and Eubelius as legal counsel to Clarebout.
More About Clarebout
Headquartered in Nieuwkerke (West Flanders, Belgium), Clarebout produces a wide assortment of frozen potato products. It has five production sites in Europe and directly employs more than 3,000 people. Customers around the world are primarily from the retail, catering and industrial sectors. Over the past 37 years, Clarebout has grown to rank among the leading global players in its field.
More About Simplot
The J.R. Simplot Company’s integrated portfolio of enterprises includes food processing and food brands, phosphate mining, fertilizer manufacturing, farming, ranching and cattle production, and other enterprises related to agriculture. It has major operations in the USA., Canada, Mexico, Argentina, Australia, India and China, with products and services available to customers worldwide.
