Total Produce Purchases 50% Stake In US Fresh Fruit Company
Total Produce has recently announced that it has purchased a 50% stake in US firm, The Fresh Connection.
The Californian based fresh fruit company is one of North America's premier produce export companies with reported sales in 2016 of approximately $165 million.
In a statement the fresh produce providers outlined that Hank Miller will continue as co-shareholder and CEO of the business and Will Mehrten will continue as President of the Company.
Commenting on the transaction, Carl McCann, chairman of Total Produce said,"This transaction further broadens our US presence and provides us with strategic access to other key markets. We look forward to working with Hank, Will and the excellent people in The Fresh Connection as it continues to develop its very successful business expansion in future years."
Hank Miller, CEO of The Fresh Connection added that this transaction will further strengthen the business relationship which has developed and grown over many years.
"We believe our partnership will create opportunities for The Fresh Connection which will benefit all stakeholders, including our growers, suppliers, employees and, of course, our customers.” Miller said.
Revenue Growth For H1
Earlier this year, Total Produce reported an increase of revenue of 12% to €2.15 billion in its financial results for the first half of the year to 30 June 2017.
The group said that its half year results benefited from the contribution of acquisitions in the period, as well as around 4% like-for-like growth in revenue.
Total Produce’s results also revealed operating cashflows of €33.3 million (compared with €32.5 million in 2016) before normal seasonal working capital outflows.
© 2017 - Checkout Magazine by Donna Ahern