Total Produce Plc Total Produce Acquires interest in Gambles Group (8337D)

TIDMTOT

RNS Number : 8337D

Total Produce Plc

03 February 2015

Total Produce plc

Stock Exchange Announcement

Total Produce acquires interest in Gambles Group

Total Produce plc, Europe's leading fresh produce company, is pleased to announce that it has acquired a 50% shareholding in the Gambles Group, the fresh produce company based in Toronto Canada. This represents Total Produce's fourth North American investment.

Gambles was founded in 1989 by Tom Hughes and Wayne Giles. Today the business is one of Eastern Canada's premier produce companies with 2014 sales of CAD$170m and employing over 280 staff.

Gambles offers a wide range of fresh, local and imported produce that is delivered daily throughout Ontario to the retail, wholesale & food-services sectors. The business is operated out of the Ontario Food Terminal and a state-of-the-art 65,000 ft(2) distribution facility in Toronto.

Jeff Hughes (President) and Rob Giles (Vice President) together with Rick Ashford (Vice President) and Richard Rose (Vice President) will remain as shareholders of the business and will continue to be key members of the executive management team.

Commenting on the transaction, Carl McCann, Chairman of Total Produce said:

"We are very pleased to become shareholders in the Gambles Group. This transaction further broadens our North American operations. We look forward to working with the excellent people in Gambles over the coming years."

Commenting on the transaction, Jeff Hughes, President of the Gambles Group said:

"We are very happy to partner with the Total Produce Group. Bringing Total Produce into our business will further strengthen what we have developed over many years. We believe it is a combination that will benefit all stakeholders, including our growers, suppliers, staff and, of course, our customers."

3 February 2015

For further information, please contact:

Brian Bell, Wilson Hartnell PR

Tel: [phone]

Ivan Murphy, Davy Corporate Finance

Tel: [phone]

This information is provided by RNS

The company news service from the London Stock Exchange

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