The Deprez family, founders of Belgium’s fruit and vegetable group Greenyard, have successfully secured a majority share in the business through a strategic takeover.
Recently, Hein Deprez and his family launched a takeover offer for Brussels-listed Greenyard, aspiring to acquire shares they previously did not own from existing shareholders.
A new holding company, named Garden and based in Luxembourg, was established to encompass the family’s existing 37.7% interest along with any newly acquired shares.
In a public statement on 18 July, it became clear that Garden, which represents the Deprez family, has now increased its ownership to 94.71% of Greenyard’s shares amid the bid process.
The tendered price for the shares remained at €7.4 ($8.6) each, consistent with the initial offer presented in April. Payment will occur no later than 4 August, as per the announcement.
Despite not achieving the 95% acceptance threshold established in April, Garden has waived that requirement. Additionally, it plans to reopen the bid offer from 24 July until 13 August.
“Shareholders who have not yet accepted the offer will have the opportunity to tender their shares during this subsequent acceptance period,” Garden stated, aiming for full acquisition of Greenyard’s shares.
This acquisition strategy is bolstered by Solum Partners, a food and agriculture investment management firm headquartered in Massachusetts. They will co-manage Garden alongside the Deprez family post-transaction.
Once complete control is achieved, Greenyard will be delisted from the Euronext Brussels exchange.
Hein Deprez originally founded what was then Univeg in 1987, which later evolved into Greenyard. In 2015, a merger occurred between Greenyard, Univeg, and agribusiness Peatinvest, with Hein Deprez holding shares in each entity prior to the merger.
Previous notifications indicate Greenyard’s goal of achieving €5.4 billion in annual sales by March 2026, along with an adjusted EBITDA target between €200-210 million.
In the first half of the current financial year, sales increased by 6.1% to €2.6 billion, attributed to price hikes and volume growth.
Furthermore, adjusted EBITDA grew by 4.6% to €94.4 million, leading to a net profit of €1.2 million.
In the last financial year (2023/24), Greenyard recorded a 10.9% sales increase, reaching €5.1 billion.
Adjusted EBITDA rose by 11.5% to €186.5 million, with net profit soaring by 63% to €15.2 million.