Leading European fresh produce group Total Produce has announced that it has completed the acquisition of 50 per cent of Dutch group Frankort & Koning (F&K) and its subsidiaries.
Total Produce announced on 20 December 2011 that it had entered into an agreement to acquire the shareholding in F&K for up to €15m, comprising an initial cash consideration of €6m along with additional consideration payable over the next number of years if certain profit targets are met.
On 5 March 2012, Total Produce announced that it had received regulatory clearance for the acquisition of F&K, which, with a turnover of €296m in the year ended 31 December 2010, 'adds to Total Produce's presence in key European markets', according to the group.
Total Produce recently revealed that it weathered tough commercial conditions in 2011 to post a net profit of €27.74m, up 10 per cent on the previous 12 months and on the back of a 2.8 per cent decrease in annual group revenue to €2.53m.
