DUBLIN, IRELAND — Fyffes P.L.C., a Dublin-based produce company, has acquired Highline Produce Ltd., an Ontario-based producer and distributor of organic mushrooms, from private equity firm Peak Rock Capital for a purchase price of C$145 million ($111.3 million).
Founded in 1961, Highline operates four production facilities in Ontario and a distribution center in Quebec. The company produces, packages and distributes fresh white, mini bella, portabella and exotic mushrooms for retail and food service markets throughout Canada and the United States. Under Peak Rock Capital’s ownership, the company expanded its sales and marketing functions, focused its go-to market strategy on certified organic products and invested behind increased productivity and efficiency in its plants. Glenn Martin, chief executive officer of Highline, and his management team will continue to lead the business.
|Glenn Martin, c.e.o. of Highline|
“We are excited about this transaction and delighted to be joining Fyffes, given its long history and successful track record of growth,” Mr. Martin said. “We look forward to working with Fyffes management as we continue to grow our own business into the future.”
With operations in Europe, the United States and Central and South America, Fyffes produces, procures, ships, ripens, distributes and markets bananas, pineapples and melons. Previously, the company had planned to merge with Chiquita Brands International to create the world’s largest banana company, but Chiquita shareholders rejected the deal. The Highline transaction is expected to be immediately accretive to Fyffes earnings.
|David McCann, chairman of Fyffes|