Greenyard closes sales of Dutch division, ends U.K. fruit packing JV
Belgium-based multinational Greenyard has announced the closing of two transactions - the sale of a Dutch division and the ending of a joint venture.
U.K.-based Bardsley Horticulture Ltd has acquired all shares held by Greenyard Fresh UK Ltd in Bardsley Fruit Enterprises Ltd.
As a result, both companies will no longer operate together in this Joint Venture, which consisted of a fruit packing station.
Additionally, and as announced in mid-June, Greenyard has also closed the sale of 100% of the shares of Greenyard Prepared Netherlands to Cornerstone Investment Management, in cooperation with Kartesia.
The Prepared Netherlands division is active in the processing and supply of freshly harvested mushrooms in cans and jars.
The company expects that these transactions will have no material effect on the Group’s adjusted EBITDA or its earlier given guidance.
The net debt reduction of around €25m from these transactions will further solidify its balance sheet.