Belgium-based food giant Greenyard (Euronext Brussels: GREEN), whose fresh produce division was formerly known as Univeg, is now majority-owned by the Deprez family.
The change follows the family’s purchase of remaining shares held by Agri Investment Fund CVBA (AIF), increasing their stake from 45.3% to 49.3%.
But other aspects of the transaction have pushed the Deprez family’s share up by the necessary 0.7 percentage points to gain control of the group.
“Taking into account the 3.76% own shares which Greenyard has currently acquired, the 50% control threshold has been exceeded by the Deprez family, through Deprez Holding NV and Food Invest International NV, as a result of this transaction,” Greenyard said in the announcement.
“This transaction doesn’t impact the free float, which remains stable at 38.1%.”
Following this transaction, AIF is no longer member of the Board of Directors of Greenyard.
“I would like to thank the Agri Investment Fund for their valuable support in Greenyard throughout their investment period,” Greenyard executive chairman Hein Deprez said in a release.
“They entered into the capital of PinguinLutosa in 2011 via the capital increase which was triggered by the acquisition of Scana Noliko, currently our Prepared division which is part of Long Fresh.
“During the era AIF was on board, they have been a trusted partner and shareholder.”
Deprez said AIF’s strong support in growing the business from a small family company to its current global position was an excellent example of AIF’s role in the industry.
“The Deprez family is pleased it was able to take over AIF’s participation in Greenyard. With this transaction, our family further shows its commitment to remain the controlling shareholder of Greenyard, the global leader in its markets,” he said.