DUNDALK based food group Total Produce has continued its recent expansion, increasing its stake in a South African fruit business.
Total Produce, which is headquarted on the Ramparts, have increased their stake in Capespan to 25 per cent.
The €13 million transaction will mean Capespan buys out Total Produce’s 50 per cent holding in Capespan International Holdings Limited.
In exchange, Total Produce will gain 20 million additional shares in the South African company, plus e8.5 million cash.
Capespan had revenues of 2.6 billion rand in 2010.
Revenues at Total Produce rose seven per cent last year to e2.6 billion, boosted by a strong performance in Scandinavia.
Two week ago Total Produce announced it had paid up to e15 million for a half share in Dutch fruit distributor Frankort Koning Beheer Venlo and its subsidiaries.
Total Produce is set to buy 50 per cent of Dutch firm Frankort & Koning Beheer Venlo and its subsidiaries.
Headquartered in Venlo in the Netherlands, Frankort & Koning is a fresh produce company with operations mainly in the Netherlands, Germany and Poland.
It posted a turnover of €296m last year and has net assets of about e5.5m.
The increased stake in both these companies highlights the Total Produce contintued expansion into Europe and an increase in their stake in Capespan will give them increased access to markets in Asia.