Organto Foods Inc., a prominent provider of organic and value-added
organic fruits and vegetables today announced that it has finalized definitive agreements and closed the acquisition of the outstanding shares of Beeorganic B.V., a privately held Dutch corporation.
Beeorganic is a year-round provider of fresh fairtrade organic bananas based in Den Hoorn, the Netherlands, with sales in the Netherlands, Belgium and France. The addition of Beeorganic adds significant depth to the Company’s banana category with numerous growth opportunities in one of the largest fruit categories in the world.
The business commenced operations in 2003 under the direction of Mr. Mike Reuselaars, who will join Organto and lead the Company’s organic banana portfolio, leveraging Organto’s existing resources and value-added marketing platform. Beeorganic market a differentiated product offering combining specific product size specifications with a unique ripening process to deliver great tasting products to its customers.
Beeorganic operates an asset light business model with their products sourced primarily from strategic Caribbean-based grower partners.
“We are pleased to have closed this acquisition and welcome Mike and the Beeorganic team to Organto. Mike has successfully built the Beeorganic business over the years based upon strong values and operating principles, and we are honored to work with Mike and the team to grow the rich heritage that has been built:” commented Steve Bromley, Chair and Co-CEO of Organto and Rients van der Wal, Co-CEO of Organto and CEO of Organto Europe BV. “We believe that Beeorganic will be a great fit with our operating platform, bringing deep expertise in fairtrade organic bananas to our expanding organic fruits and vegetables portfolio.
We continue to expand our product capabilities and work to bring value to the categories we serve, and by combining our collective strengths, we believe we will be able to profitably expand the banana category for years to come.”
Mike Reuselaars, one of the current owners of Beeorganic commented, “We are pleased to have become part of the Organto family and look forward to leveraging our collective expertise to grow the business. We are impressed with Organto’s vision for the future and strategy to be a leader in fresh organic fruits and vegetables, including their commitment to sustainable and transparent business practices. As a result, we could not be more pleased to become a part of this vision.”
The transaction remains subject to TSX Venture Exchange acceptance.
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Organto Foods Inc.