The agreement is based on an enterprise value of the division of €225m. 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, CEO 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.”
Source: McCain
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