Fyffes spin-off Total Produce has bought UK fresh produce company Redbridge Holdings for up to £11.5m.
Total Produce is Europe’s largest fresh produce company. It was created following the recent de-merger from Fyffes and has now acquired 100 per cent of Redbridge Holdings, based in Peterborough.
The enlarged business will trade under the umbrella of Total Produce and will benefit from an unrivalled scale among UK fresh produce suppliers. It will also have a unique national distribution network.
Total Produce will make an initial cash payment of £8.75m for Redbridge and a further £3m in 2010 if pre-determined profits are met.
A £3.8m deficit in Redbridge’s defined benefit pension scheme would bring the total cost of the deal to £15.5m.
Total Produce chairman Carl McCann said: “We are very pleased that Redbridge has become part of the group. This substantial company is a very important addition to our business. The team at Redbridge have built an impressive and efficient business with significant geographic and product strengths.”
Redbridge chairman Denis Punter said: “Redbridge is combining its activities with Total Produce, which will create a much larger UK business. We believe that this is the right move to build and expand the business and to provide the very best to our customers.”
The business will be managed from its head office in Peterborough with Seamus Mulvena of Total Produce as managing director and Roger Allmond of Redbridge as finance director.
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