The private shareholders of Vitacress Salads Limited (Vitacress) have sold the company to RAR Group for US$105 million.
Based in the south of England, Vitacress is Europe’s leading supplier of watercress, baby leaf spinach and rocket, farming about 1,200 hectares of land in England, Portugal and Spain. The company has a strong presence in the bagged salads market, with special emphasis on the baby leaf segment, where its products are well known for their innovation and excellence. The current CEO, Nick Stenning, will continue to lead the management team, focusing on the consolidation and expansion of the business. This signifies a new phase in the development of Vitacress, allowing for an increase in the scale of its operations, particularly in the Iberian market.
RAR Group, one of the most important Portuguese economic groups, spans a diversified portfolio, including contract manufacturing and packaging, food products, real estate, services, tourism and financial investments. With consolidated revenues of approximately US$900 million in 2007, the group employs around 3,700 people in Portugal, Spain, Germany, Poland and the UK.
Oaklins Cavendish, based in the UK, advised the seller in this transaction. The team's specialist said: “We were delighted to help secure a strong deal for the Vitacress shareholders and to find a buyer that is both sympathetic to the way Vitacress is run and able to accelerate the development of its operations in Spain and Portugal.”
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