Total Produce
Fresh produce giant has announced its fourth investment in North America with 50% stake in Canadian Gambles Group.
Total Produce has secured a 50% stake in the Canadian fresh produce firm Gambles Group as its fourth investment in North America.
Toronto-headquartered Gambles, which was founded by Tom Hughes and Wayne Giles in 1989 and now employs 280 staff, recorded sales of CAD$170m (€119m) in 2014.
The company supplies local and imported produce delivered daily throughout Ontario to the retail, wholesale and foodservices sectors.
It operates out of the Ontario Food Terminal and a 65,000 sq ft distribution facility in Toronto.
President Jeff Hughes, along with Rob Giles, Rick Ashford and Richard Rose as vice presidents, will remain as shareholders of the business and will continue to be key members of the executive management team.
Carl McCann, chairman of Total Produce, said: “This transaction further broadens our North American operations. We look forward to working with the excellent people in Gambles over the coming years.”
Hughes said: “We are very happy to partner with the Total Produce Group. Bringing Total Produce into our business will further strengthen what we have developed over many years. We believe it is a combination that will benefit all stakeholders, including our growers, suppliers, staff and, of course, our customers.”
Company secures deal for eventual majority share in Eco Farms, a key supplier of avocados, citrus and exotics
Multinational fresh produce marketer Total Produce has made a significant investment in the North American fresh produce business with the acquisition of a 45% interest in Eco Farms, a grower, marketer and distributor based in Temecula, California.
Found in 1972, Eco Farms is primarily an avocado producer, but also grows and markets citrus as well as a range of exotics including cherimoya, dragon fruit, kumquats, kiwifruit and Asian pears.
Dublin-based Total Produce revealed the purchase at the same time as announcing strong half-year results for 2014, confirming that it had the option of acquiring further shares in Eco Farms in due course to give it a majority stake.
The move continues Total Produce’s expansion in North America following its recent acquisition of shares in major importer-distributor Oppy. The Irish firm currently has a 35% stake, but this is set to increase to 65% in 2017, with the price per share dependent on Oppy’s financial performance.
Elsewhere, Total Produce confirmed that its principal acquisition during the first half of 2014 was the remaining shares in Netherlands-based soft fruit specialist All Seasons Fruit (ASF), in which it already had a 50% holding.
That deal will be completed in three stages: an initial 20% shareholding was acquired on completion of the deal on 28 May 2014, with the balance to be acquired in subsequent years.