Finlays agrees sale of Horticulture Division
Our client James Finlay Limited (“Finlays”) announced today that it has signed a definitive agreement to sell its Horticulture business, Finlays Horticulture Investments (“Finlays Horticulture”) and its subsidiary companies to an affiliate of Sun European Partners, LLP (“Sun”) for an undisclosed sum.
Finlays Horticulture is a world class scale, vertically integrated horticultural business active in the growing, processing, marketing and distribution of sustainably produced roses and other cut flowers and
premium and prepared vegetables and fresh herbs. From its farms in Kenya, Tanzania, and South Africa, it is a leading added-value producer and exporter of flowers and produce to the EU. The Group sources and processes c775m flower stems and c30m kg of vegetables per annum in Kenya, UK, Germany and Holland and is a core supplier to most of the leading UK multiple retailers, as well as internationally to customers in Europe, South Africa, the Middle East, Japan and Australia.
The transaction includes the sale of Finlay Flowers UK, Finlays Fresh Produce UK, Finlays Horticulture Kenya, Finlays Horticulture Tanzania, Omniflora, Finlay Flowers BV, FV SeleQt, Dudutech and Finlays Horticulture South Africa. Finlays will, however, retain its flower farm business in Kericho, Finlay Flowers, located within its tea estates in Kenya, who will continue to supply Omniflora and Finlay Flowers UK exclusively.
The Horticulture Division’s management team will continue to lead the business.
The transaction is expected to be completed before the end of 2015, subject to closing conditions including customary regulatory approvals.