Greenyard aims to buy Dole Food Company

December 19 , 2017

Belgium-based multinational Greenyard (Euronext Brussels: GREEN) has announced it is in advanced negotiations to buy Dole Food Company, one of the world’s largest fresh produce organizations.

After the company was taken private in 2013 and two executives were sued for allegedly undervaluing the share price, in April this year the group started proceedings to list shares on the New York Stock Exchange (NYSE).

Later in September, it was then reported that Dole would be up for sale with speculation private equity investors would be involved. 

In its announcement, Greenyard said a definitive agreement had not yet been reached and there could be no assurance negotiations would culminate in a transaction.

“Greenyard has secured appropriate financing, and is confident in its ability to complete the transaction with a balanced financing approach should a definitive agreement be reached,” Greenyard said.

“Greenyard will provide further comment related to this potential combination when there is news to share.”

As a company majority owned by the Deprez family, Greenyard notched sales of €2.1 billion (US$2.5 billion) in the first half of 2017-18 with REBITDA of €73.4 million (US$86.8 million).

At the time of writing Greenyard had a market capitalization of €833.3 million (US$985 million).

In its filings for the quarter ending March 25, 2017, Dole reported revenue of US$1 billion and a net income of US$13 million.

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www.freshfruitportal.com

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