Fyffes has acquired a Swedish food distributor in a staggered deal that could cost up to €77.6 million.
Fyffes will acquire 60 per cent of Everfresh on completion for an initial sum of €28.7 million, with the balance to be acquired in 2007. The total amount payable will be 6.25 times the average net profit achieved by Everfresh during the three years to the end of 2006.
Average net profit will have to exceed €4.6 million for a consideration greater than the minimum of €28.7 million to be paid.
The first stage of the acquisition is expected to be completed within two months.
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Everfresh distributes to supermarket chains and wholesale sectors . The group employs more than 315 people and recorded turnover of €300 million last year.