19 Oct McCain Foods and PinguinLutosa reach agreement on sale of Lutosa Potato Division
Excerpt of press release by McCain Foods
Villeneuve d’Ascq, France / Westrozebeke, Belgium / Toronto, Canada – October 19, 2012 – McCain Foods and PinguinLutosa Food Group announced today that they have signed a Share Purchase Agreement for the sale of Pinguin’sLutosa division to McCain Foods. The agreement is based on an enterprise value of the division of EUR 225 million. It encompasses Lutosa’s operations in production, marketing and distribution of frozen, chilled and dehydrated potato products, as well as the Lutosa brand.
A binding agreement has been approved by the boards of directors of both parties. It is subject only to a confirmatory due diligence and regulatory approvals. Terms of the agreement were not disclosed.
Jean Bernou, Chief Executive Officer of McCain Continental Europe, said, “This acquisition is in line with our strategy of reinforcing our core potato business in Europe. The products and brand positioning of Lutosa and McCain are highly complementary. Lutosa will help us to further expand our product offering and cater to a wider range of customers while ensuring continuity in terms of investments and optimal service quality.”
Hein Deprez, Chief Executive Officer of PinguinLutosa Food Group, commented: “When we were approached by McCain, the opportunity for us to focus on our core fruit and vegetable business while allowing the Lutosa division to reach the next level of excellence was too good to pass up. Lutosa developed a strong brand and market position around the world, and can count on a strong team of employees, partners, farmers and traders. We are delighted that Lutosa will become part of the potato leader and can continue to grow further.”
Atlas Advisors acted as exclusive financial advisor to McCain Foods in connection with this transaction.
Atlas Advisors is the marketing name for Atlas Advisors, LLC and Atlas Strategic Advisors, LLC. Atlas Strategic Advisors, LLC provides financial advisory services in connection with mergers, acquisitions and other similar transactions. Atlas Strategic Advisors, LLC is a wholly owned subsidiary of Atlas Advisors, LLC and a member of the FINRA.
None of the information contained in this release constitutes a recommendation, solicitation or offer by Atlas Strategic Advisors, LLC or its affiliates to buy or sell any securities, futures, options or other financial instruments or provide any investment advice or service.