Greenvale acquire Rowe Farming Ltd

Produce Investments plc (PI), owners of Greenvale AP Ltd, one of the UK’s largest fresh potato companies, has acquired 100% of the share capital of Rowe Farming Ltd, a specialist new and salad potato and daffodil growing business based in Cornwall.

The deal, which is part cash - part equity, will see Rowe Farming Directors Mark Rowe, Edward Rowe and Robert Stacey join the enlarged PI group, with Mark Rowe joining the Greenvale Board.

The move strengthens the PI group by giving Greenvale increased access to UK grown “early” potatoes, thus reducing its reliance on imports during the late spring and early summer. The acquisition also sees the PI group move into a produce sub-group that is non potato, bringing diversity by broadening both its product mix and customer base. The potato and daffodil operations of Rowe Farming are extremely complementary utilising a similar land base, equipment and facilities, and the marketing seasons of the different crops dovetail well.

Greenvale Chief Executive Angus Armstrong commented: “We are delighted to have acquired Rowe Farming, it is an exceptionally well run, high quality business and has been successfully managed by the Rowe family for three generations. Strategically the two businesses are well aligned with Rowe Farming bringing control of an additional proportion of our UK potato crop requirements, complementing our existing own growing operations. It also sees us diversifying into a new and complementary sector, a sector which has shown healthy growth during recent seasons”.

Mark Rowe, Managing Director of Rowe Farming commented: “By joining a large scale and progressive company such as Greenvale we believe that we can reach our full potential in both product categories. Greenvale have skills that will complement ours and we have skills that will complement Greenvale;the enlarged business will go from strength to strength. All members of the Rowe Farming board are excited about the potential for the future and look forward to working as part of the Greenvale team”.

Produce Investments plc is listed on the AIM stock exchange.

Source: Produce Investments plc / Greenvale AP Ltd News