Fyffes gobbles up second Canadian mushroom business

A €41 million deal to acquire All Seasons Mushrooms...

Fyffes gobbles up second Canadian mushroom business

Fyffes, Facebook

Fyffes has followed up its April purchase of Highline Produce to buy another Canadian mushroom business.

The publicly-quoted Irish fruit and vegetable group has acquired All Seasons Mushrooms for €41m.

All Seasons, based in British Columbia, is one of Western Canada's largest mushroom producers, with Fyffes calling its geographic reach "highly complementary" to that of Highline Produce.

It is a fully-integrated producer operating from four facilities. Fyffes believes the purchase will immediately increase the company's earnings per share.

Chairman David McCann said:

"Together, Highline and All Seasons will be well placed to provide Canadian customers with a consistent supply of the highest quality mushrooms from coast to coast, while continuing to strategically supply US customers with premium and organic mushrooms."

The latest acquisition comes off the back of a strong interim results.

The company saw adjusted EBITDA climb 11.3% for the period that included that €99m purchase of Highline, with a 10% increase in interim dividend.

It is maintaining strong full-year target earnings ranges, which increased after the April purchase.