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T&G Global enters new joint venture in USA
MEDIA RELEASE
3 March, 2017
MAJOR FRESH PRODUCE PLAYERS AGREE TO JOINT VENTURE IN THE USA
T&G Global Limited (T&G Global) and Grandview Brokerage Limited (GBL), a 65 per cent owned subsidiary of Total Produce plc (Ireland), have agreed to a joint venture in two US produce businesses which will provide their respective grower suppliers with access to both US domestic and international customers.
GBL, which is 35 per cent owned by its President, John Anderson, is the parent company of the Vancouver headquartered Oppenheimer Group.
T&G Global Limited has agreed to increase its shareholder interest in the US produce marketing and distribution business, David Oppenheimer and Company (Oppy US), from 15 per cent to 39.4 per cent.
GBL will own the other 60.6 per cent shareholder interest in Oppy US.
In addition, T&G Global has agreed to sell to GBL a 50 per cent shareholding in T&G Global North America. T&G Global will continue to own the remaining 50 per cent.
T&G Global Limited CEO, Alastair Hulbert says T&G Global has enjoyed a strong and successful partnership with Oppy and its management team for many years and looks forward to working closer with the team and with Total Produce plc.
“Our increased shareholding in Oppy recognises the growing importance we place on the US market for our Jazz and Envy PVR apple brands and the vital role Oppy is playing in this success. Aligning our US export business, T&G Global North America with the Oppy Group, will enable T&G Global to present grower suppliers to both US and international customers and further strengthen its ability to service and support the needs of US domestic and international customers and the consumers of fresh produce.”
Mr Hulbert says the two US joint ventures will lead to a stronger collaboration between domestic and export account teams for the benefit of growers, suppliers, key customers and the consumers of fresh produce.
Oppy US’s key produce categories in the US align with T&G Global’s international categories including berries, citrus, kiwifruit, tomatoes, grapes and pipfruit. Oppy US is one of three US-based licensed agents for T&G Global’s proprietary apple brands namely Jazz, Envy and Pacific Rose. The other two agents are Rainer Fruit Company and CMI.
Completion is expected to take place within the next month.
ENDS
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