Fyffes tucks into its second portion of mushrooms after taking purchases past £100m for the year

Oliver Gill
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Fyffes has spend CA$204m on two seperate Canadian mushroom companies this year (Source: Getty)

Banana-giant Fyffes announced its second foray into the mushroom market this year after revealing it had purchased Canadian producer All Seasons for CA$59m (£34m).

Irish-based importer Fyffes mushroomed its Canadian portfolio in April when it purchased Highline Produce Limited for CA$145m. It funded the purchased through drawing down on new and existing debt. The All Seasons purchase was also funded by using previously undrawn loans.

"Together, Highline and All Seasons will be well placed to provide Canadian customers with a consistent supply of the highest quality mushrooms from coast to coast, while continuing to strategically supply US customers with premium and organic mushrooms, said Fyffes chairman David McCann.

Fyffes Fyffes | mobile image

"We are delighted to be joining the Fyffes group and excited about the potential in working with Highline to provide nationwide coverage to our combined customer base," said Frank Moscone, chief executive of All Seasons.

Earlier this month Fyffes revealed half-year earnings that had jumped by 11 per cent. Ebitda increased to €44m (£37m) from €39.5m, with dividends hiked by 10 per cent to 0.9c per share.

Fyffes previously excited the market with its proposed merger with Chiquita, a deal that never came to fruition.