Sweden’s Greenfood has announced the sale of its fresh produce division to the Nordic branch of Dole, a prominent player in the food and beverage sector focusing on fruits and vegetables.
Though the financial details of the transaction remain undisclosed, it is contingent upon approval from regulatory authorities, with completion anticipated at an undetermined time in 2026.
Greenfood clarified in a statement on December 17 that this divestment pertains solely to its wholesale operations in fruits and vegetables, ensuring that its other ventures will remain “unaffected.” The company’s remaining businesses include the salad-bar enterprise Picadeli and its food service solutions.
David von Laskowski, CEO of Greenfood, emphasized, “This agreement represents an important strategic step. It enables us to focus even more on our rapidly-growing business areas, Picadeli and Food Solutions, where we see significant long-term potential across Europe and the US.” By streamlining its operations, Greenfood anticipates enhancing its liquidity, leverage ratio, and overall growth and profitability profile.
In July, Fidelio, a Swedish investment firm, acquired the majority stake in Greenfood from Nordic Capital. Fidelio has held a minority interest in Greenfood for nearly 15 years.
Active in both Europe and the US, Greenfood reported impressive third-quarter sales of Skr1.45 billion ($156 million), reflecting a 2.9% rise compared to the same period last year. However, the Fresh Produce division experienced a slight decline, with net sales of Skr650.2 million, down 2.7% year-on-year.
Operating profit for Greenfood surged by 162.5% to Skr8.4 million, while adjusted EBITDA increased by 18.5% to Skr23.7 million. Over the first nine months, fresh produce sales remained relatively stable at Skr2.25 billion, compared to Skr2.26 billion in the previous year. Operating profit more than doubled to Skr36.1 million from Skr14.6 million, indicating solid growth, with adjusted EBITDA improving to Skr78.5 million from Skr68 million.
Dole has opted not to comment on the acquisition.
In the context of evolving food and drink consumer trends, Greenfood’s strategic maneuvers reflect a growing focus on specific niches within the food and drink business landscape. As companies increasingly adapt to industry trends, Greenfood is positioning itself to leverage its stronghold in the market.
