AI assistant
Greenyard NV — M&A Activity 2012
Oct 19, 2012
3957_iss_2012-10-19_63681dc5-422f-4a11-bca8-20b06dbedf4d.pdf
M&A Activity
Open in viewerOpens in your device viewer
PRESS RELEASE
McCain Foods and PinguinLutosa reach agreement on sale of Lutosa Potato Division
Villeneuve d'Ascq, France / Westrozebeke, Belgium / Toronto, Canada - October 19, 2012 - McCain Foods and PinguinLutosa Food Group announced today that they have signed a Share Purchase Agreement for the sale of Pinguin's Lutosa division to McCain Foods. The agreement is based on an enterprise value of the division of EUR 225 million. It encompasses Lutosa's operations in production, marketing and distribution of frozen, chilled and dehydrated potato products, as well as the Lutosa brand.
A binding agreement has been approved by the boards of directors of both parties. It is subject only to a confirmatory due diligence and regulatory approvals. Terms of the agreement were not disclosed.
Jean Bernou, Chief Executive Officer of McCain Continental Europe, said, "This acquisition is in line with our strategy of reinforcing our core potato business in Europe. The products and brand positioning of Lutosa and McCain are highly complementary. Lutosa will help us to further expand our product offering and cater to a wider range of customers while ensuring continuity in terms of investments and optimal service quality."
Hein Deprez, Chief Executive Officer of PinguinLutosa Food Group, commented: "When we were approached by McCain, the opportunity for us to focus on our core fruit and vegetable business while allowing the Lutosa division to reach the next level of excellence was too good to pass up. Lutosa developed a strong brand and market position around the world, and can count on a strong team of employees, partners, farmers and traders. We are delighted that Lutosa will become part of the potato leader and can continue to arow further."
About McCain (www.mccain.com)
McCain Foods Limited is an international leader in the frozen food industry and the world's largest manufacturer of frozen potato specialities, employing approximately 18,000 people and operating 50 production facilities on six continents. A privately-owned company based in Canada, McCain generates annual sales in excess of CDN \$6 billion. The company's products can be found in restaurants and retail stores in over 160 countries around the world.
McCain Continental Europe, whose headquarters are located in Villeneuve d'Ascq (France), has over 2500 employees. Within the Continental Europe region, McCain works closely with 1700 farmer partners. The McCain Continental Europe region spans 45 countries and has 8 production sites in Belgium, France, Poland and the Netherlands.
About PinguinLutosa Food Group (www.pinguinlutosa.com)
The PinguinLutosa Group is active predominantly in three segments: deep-frozen vegetables, potatoes and canned goods. Within the deep-frozen vegetable segment, the production of deep-frozen culinary vegetable preparations and dishes ('convenience') forms an extension of the basic activity whereas within the canning segment the preparation of ready-to-eat food such as soups, sauces, dips and pasta dishes constitutes a broadening of the basic activity (processing of harvest-fresh fruit and vegetables). Apart from the production and sales of deep-frozen potato products (chips and specialties), the Group produces as well chilled pre-fried chips and potato flakes. The Group has 17 production sites in 6 different countries (Belgium, France, United Kingdom, Poland, Germany and Hungary) and 19 subsidiaries and sales offices on five continents.
In the accounting period ending as per 31 March 2012 PinguinLutosa realised €832.8 million of sales. The group is entirely dedicated to all customer segmentations: Food Retail, food industry and food service. The Group maintains its own R&D centre for product and process innovation.
Contacts for more information:
McCain Foods Ltd
Susan Rogers | Chief Communications Officer | McCain Foods Limited 439 King Street West, 5th Floor, Toronto, ON M5V 1K4 T416.955.1713 | C416-735-3956| [email protected]
PinguinLutosa
Hein Deprez PinguinLutosa Group Schoendalestraat 221, 8793 Sint Eloois Vijve C +32 475/41.11.58 [email protected]
for McCain Europe
Paolo Ghilardl Burson Marsteller i&e Paris T+33 (0)1 56 03 13 02 C+33 (0)6 88 38 28 71 [email protected]
Lauriane Giet / Bruno Fierens Burson-Marsteller Brussels T+32 2 743 6631 / 6692 C+32 497 77 4135 /+32 494 615 789 [email protected] / [email protected]