Global Green buys Belgian food processing firm
THE Global Green Company, part of the $2.1bn Thapar Group, has announced the acquisition of Belgium-based Intergarden Group, a leader in the European food processing industry, reports Our Bureau in Bangalore.
By TNN |
BANGALORE: THE Global Green Company, part of the $2.1bn Thapar Group, has announced the acquisition of Belgium-based Intergarden Group, a leader in the European food processing industry, reports Our Bureau in Bangalore.
In what could be the largest acquisition by an Indian company in the non-beverage food processing segment, the buy is expected to give the Indian company a strong foothold in key European markets. Vineet Chhabra, MD, The Global Green Company told ET that Global Green had used the equity and debt route for the buyout, with equity coming both internally and parent Thapar Group.
The company currently clocks about Rs 110 crore in sales and post acquisition, the total turnover will be around $100 million (Rs 450 crore). “This acquisition represents a significant achievement for the Thapar Group,” said Gautam Thapar of the Thapar Group.
Established in Aalst, Belgium in 1989, Intergarden has state-of-the-art processing factories in Belgium, Hungary, Turkey and India. The company is a producer of pickled products such as gherkins, silverskin onions, sour cherries, red peppers, capers and mixed vegetables for the private label category. It also retails products under its own Greenhouse brand.
The Global Green Company will continue to offer its existing range of products to customers across the globe. It will also explore enhancing its current portfolio of products and expanding into newer segments.
Set up in 1996, the Bangalore-based Global Green Company is a major supplier of gherkins, jalapenos and other preserved foods to retail and foodservice customers in more than 23 countries around the world and 30 cities in India. It is a private label supplier to some of the world’s most premium food retailers in addition to exporting products under its own brand name Eden Garden. In India, the Company retails under the brand name, Tify. It has two manufacturing facilities near Bangalore and Hyderabad. The company works with over 10,000 farmers in Karnataka, Andhra Pradesh and Tamil Nadu, providing them with input, know-how and farming technologies.
In what could be the largest acquisition by an Indian company in the non-beverage food processing segment, the buy is expected to give the Indian company a strong foothold in key European markets. Vineet Chhabra, MD, The Global Green Company told ET that Global Green had used the equity and debt route for the buyout, with equity coming both internally and parent Thapar Group.
The company currently clocks about Rs 110 crore in sales and post acquisition, the total turnover will be around $100 million (Rs 450 crore). “This acquisition represents a significant achievement for the Thapar Group,” said Gautam Thapar of the Thapar Group.
Established in Aalst, Belgium in 1989, Intergarden has state-of-the-art processing factories in Belgium, Hungary, Turkey and India. The company is a producer of pickled products such as gherkins, silverskin onions, sour cherries, red peppers, capers and mixed vegetables for the private label category. It also retails products under its own Greenhouse brand.
The Global Green Company will continue to offer its existing range of products to customers across the globe. It will also explore enhancing its current portfolio of products and expanding into newer segments.
Set up in 1996, the Bangalore-based Global Green Company is a major supplier of gherkins, jalapenos and other preserved foods to retail and foodservice customers in more than 23 countries around the world and 30 cities in India. It is a private label supplier to some of the world’s most premium food retailers in addition to exporting products under its own brand name Eden Garden. In India, the Company retails under the brand name, Tify. It has two manufacturing facilities near Bangalore and Hyderabad. The company works with over 10,000 farmers in Karnataka, Andhra Pradesh and Tamil Nadu, providing them with input, know-how and farming technologies.
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