Belgium-based produce multinational Greennyard is to sell its Portuguese logistics division through a management buyout.

The company has signed an agreement for the divestment of its business Greenyard Logistics Portugal.

The multinational has been operating in the Iberian country's food products transport and logistics market since 2001. It has had a strong focus on perishable food products, including fruits and vegetables.

After completion of the transaction, the current management team will own and manage Greenyard Logistics Portugal. This includes Vitor Figueiredo and Manuel Rodriguez, who remain CEO and COO respectively.

Vallis Capital Partners, an independent and solid holding company focused on managing private equity and investment funds, will support the management team.

The transaction is subject to the approvals and regulatory requirements, and expected to close in the coming months.

Greenyard said that Figueiredo played an important role in realizing the sale while further successfully developing the company.

“Our relationship with Vitor Figueiredo and his management team has been very valuable," says Hein Deprez, co-CEO Greenyard.

"However, the synergies have diminished as Greenyard is further concentrating on its core business in other countries. We will part ways with great appreciation of our partnership, and we believe that Greenyard Logistics Portugal will continue to be a key logistics provider in Portugal, offering logistics operations in a multi-client model.”

Additionally, Figueiredo, currently the managing director of Greenyard Logistics Portugal, said the team is confident that the "independence and flexibility" will allow the business to thrive.

The move comes amid Greenyard's transformational plan, which involves a restructuring of the business following a challenging 2018.