Headquartered in Vancouver, Canada, the Oppenheimer Group is a provider of fresh produce to its strong base of retail, wholesale and foodservice customers throughout the United States and Canada.
The group partners with a trusted network of growers around the world and operates from a network of locations throughout North America to provide premium quality, fresh fruit and vegetable products on a year round basis.
The Oppenheimer Group recorded sales of €410m in 2011, realised operating profits on an adjusted basis of €8.6m before minorities and will have net assets of approximately €15.6m at completion.
Total Produce will acquire a 35% shareholding in January 2013 for an initial cash payment of €11.7m. An additional consideration for these shares will be made in 2015 if certain profit targets are met.
A further 30% shareholding will be purchased in 2017 for a price which will be determined based on future profits. The total consideration payable for the 65% shareholding is estimated not to exceed €32m.
The acquisition continues the international expansion of Total Produce and represents an important entry into the North American market. Total Produce expects the investment to be earnings enhancing from the date of completion.
Source: Total Produce
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