Irish producer Total Produce has acquired 45% stake in an American avocado company Eco Farms in a move to gain a majority holding.
Total Produce hopes to drive further growth through successful acquisitions such as building on its North American operations where it holds a stake in Vancouver-based Oppenheimer Group. It also recently agreed to acquire the final 50% stake of All Seasons Fruit in the Netherlands.
The acquisition came as Total Produce announced an increase in profit for the first half of 2014, despite a slump in revenue resulting from price cuts.
Total Produce reported €1.59bn in revenues during the period ending June this year.
The company also witnessed 5.7% increase in profit before tax to €24.2m, while recording 2.7% decline in adjusted EBITDA to €38.1m.
Total Produce chairman Carl McCann said: "Total Produce has recorded a robust performance in the first half of 2014 when measured against a particularly strong comparative period in 2013.
"We are pleased to announce a 5% increase in the interim dividend to 0.64 cent. The Group is maintaining its full year adjusted earnings per share guidance of 8.40 to 9.40 cent per share."
