Fyffes acquires All Seasons Mushrooms business

Fyffes, an Irish fruit and fresh produce company, has acquired All Seasons Mushrooms, a Canadian mushroom producer for C$59.1m (€41m).

The Irish fruit producer acquired 100% of the equity in the Canadian company and will refinance its debt. Fyffes has funded this acquisition through existing bank debt.

Fyffes chairman David McCann said: “We are very pleased to have acquired All Seasons. It represents an excellent strategic addition to the Highline business, which we acquired earlier this year.

“Together, Highline and All Seasons will be well placed to provide Canadian customers with a consistent supply of the highest quality mushrooms from coast to coast, while continuing to strategically supply US customers with premium and organic mushrooms.

“We look forward to working with Frank Moscone and his management team to continue to develop the business.”

All Seasons Mushrooms is based in British Columbia and is one of the largest mushroom producers in Western Canada.

All Seasons CEO Frank Moscone said: “We are delighted to be joining the Fyffes Group and excited about the potential in working with Highline to provide nationwide coverage to our combined customer base.”

Moscone will remain in the business even after completion of the acquisition.

Fyffes has based its C$59.1m valuation of All Seasons on a 7.5 times multiple of its 2015 reported EBITDA of C$7.8m. This transaction is expected to be immediately accretive for Fyffes.