Total Produce buys stake in ASF Holland

Fruit and vegetable distributor Total Produce has purchased a 50 per cent stake in Dutch soft fruit company ASF Holland for an undisclosed fee.

Total Produce said the deal will complement its existing businesses and that ASF Holland will have estimated sales of €25 million this year. It will be managed through Total Produce's existing soft fruit subsidiary, Redbridge.

In a note to investors Bloxham said Total Produce was finding businesses in the recession that allowed it broaden its portfolio while maintaining conservative valuation metrics.

Last month Total Produce, which was spun off from Fyffes in 2006, reported a 10 per cent fall in pretax profit to €29.8 million for 2008 on revenues of €2.5 billion.