Highland Produce mushrooms
Highline Produce Ltd. is an Ontario-based producer and distributor of organic mushrooms.

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, Highland Produce
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, Fyffes
David McCann, chairman of Fyffes
“Highline is a very fine business with a strong position in an important product category,” said David McCann, chairman of Fyffes. “This transaction fits perfectly with Fyffes strategic objective of adding an additional product to its existing three through the acquisition of an established, successful, integrated operator in a category with significant scale.”