Produce Investments confirms talks over Jersey Royal acquisition

Scottish potato supplier Produce Investments has confirmed it is in talks to acquire Jersey Royal Company, a UK-based producer of Jersey Royal potatoes.

Jersey Royal is an integrated produce company engaged in growing, grading, washing and packing of Jersey Royal new potatoes, and it primarily caters to UK retailers.

The company harvests 1,800ha of Jersey Royals each year, and it employs 500 people at peak season.

In 2012, it exported 28,600t of Jersey Royals worth £30.8m, compared with 30,890t in 2011, reported the BBC.

In a stock market statement, Produce Investments said, "The company notes the recent press speculation regarding a potential transaction with the independently owned Jersey Royal Company and can confirm that the company has entered into Heads of Terms and has agreed a period of exclusivity in relation to a potential acquisition of the Jersey Royal Company.

"The Heads of Terms are non-binding and subject to due diligence which is progressing."

"The company will make a further announcement in due course if appropriate," it added.

Established in 2006, Produce Investments is the parent company of potato supplier Greenvale. The company engages in growing, sourcing, packing and marketing fresh potatoes, and supplies pre-prepared potato products as ingredients for food manufacturers.

---

Image: Jersey Royal is an integrated produce company engaged in growing, grading, washing and packing of potatoes. Photo courtesy of Dimitar Tzankov.