Fyffes has acquired 60 per cent of Brazilian fresh produce exporter Nolem - the largest producer and exporter of melons in Brazil. The company was acquired from a number of shareholders.
Nolem owns 5,000ha of farmland in Brazil and markets 9m boxes of melons a year. This represents approximately 40 per cent of total melon exports from Brazil and 30 per cent of the national market. Nolem designates 75 per cent of its production to supermarkets. Its assets amount to R30.3m (€11.3m).
The Gadelha family owns 20 per cent of the company and the business continues to be managed by Andre, Marcelo and Eduardo Gadelha. The company grows yellow melons year round as well as supplying Galia, Canteloupe, Piel de Sapo and watermelons from September to March.
The company was also a founder member of ANNE - a business association of north-east Brazilian enterprises that seeks to bring prosperity and social well-being to communities in the region.
“This is a simple bolt-on acquisition,” said a Fyffes spokesman. “It is in an area that Fyffes is interested in, and it is an opportune time as melons are in demand. We are very pleased with Nolem and that the family is staying.”
Although no price was disclosed, the spokesman said the deal was “only small”. Fyffes full-year results are out next month, when there will be more “details, analysis and announcement” with regard to Fyffes’s strategy, said the spokesman.
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