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Vitacress has been acquired by RAR Group 2008-07-01 With effect from the 30th of June, RAR Group, a Portuguese private company, has agreed to acquire 100% of the capital of Vitacress.
Based in south of England, Vitacress is one of the leading growers and marketers of salads in the UK and Portugal, being the largest Europe?s 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 in the baby leaf segment, where its products are well known for their innovation and excellence. Vitacress in 2007 had a turnover of £81m (?102m) and an EBITDA of £6.4m (?8m), employing around 1,000 employees. The enterprise value for transaction purposes, including debt, was approximately £52.5m (?65.6m). The current CEO of the company, Nick Stenning, will continue to lead a strong management team, focusing on the consolidation and expansion of this 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. This acquisition is in the same sector as the business developed by Wight Salads Group, which was acquired by RAR Group in 2007 and is a leader in the production and sale of tomatoes in the UK. About Vitacress Vitacress is a leader in the growing and sale of prepared and packaged salads with a presence in the UK, Spain and Portugal. The turnover in 2007 was £81 million (?102m). The company employs around 1,000 employees. www.vitacress.com About RAR Group 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 in 2007 of approximately 800 million Euros, the RAR Group employs around 3,700 employees, in Portugal, Spain, United Kingdom, Germany and Poland. www.rar.pt |
