Greenyard is actively pursuing a majority stake in Gelagri Bretagne, a fellow player in the frozen vegetables sector based in France.
The Brussels-listed supplier specializing in fresh and frozen fruit and vegetables recently announced that it has signed a letter of intent with Gelagri Bretagne, located in Loudéac, Brittany. This acquisition of an undisclosed stake is expected to finalize before year-end, pending regulatory approval.
Established in 1978, Gelagri Bretagne operates under the Eureden agri-food cooperative and produces a diverse range of frozen vegetables as well as ready meals, soups, and purées. The company serves both retail and foodservice channels from three production sites across Brittany: Loudéac (Côtes-d’Armor), Saint-Caradec (Finistère), and Landerneau (Finistère).
Commenting on the partnership, Francis Kint, CEO of Greenyard, stated: “We have longstanding historical ties with Eureden and have been solid partners for decades.”
He further added, “This envisaged partnership will allow both of us to strengthen our position, both from a strategic sourcing perspective, as well as from a production standpoint in this fertile region of Brittany. Together with our customers, we would be able to further increase the consumption of healthy and nutritious frozen foods, fully in line with Greenyard’s mission.”
While the financial details of the deal remain undisclosed, Greenyard operates two factories in France for its frozen foods division, located in Moréac in Brittany and in the Nord department of Comines. A spokesperson confirmed that 500 employees from Gelagri Bretagne will be integrated into this partnership.
Greenyard did not disclose its revenue generated in France nor the annual turnover of Gelagri Bretagne. However, as part of the Eureden cooperative, Gelagri Bretagne is involved in the cultivation and processing of frozen vegetables, including peas, cauliflower, and carrots. It holds notable brands such as Paysan Breton and Daucy.
The partnership aims to consolidate the production and processing of vegetables within the Brittany region, which, according to the statement, will directly contribute to accelerated growth and increased efficiency.
Alain Perrin, managing director of Eureden, remarked: “In a frozen vegetable market of European dimension, this project offers real prospects for the consolidation and development of our vegetable business and reaffirms its strategic importance in Brittany.”
He added, “Through this partnership, in which we would be very closely involved, we would mutually strengthen our activities in the heart of the open-field vegetable production areas of our cooperative’s members.”
Greenyard is aiming for €5.4bn ($5.8bn) in annual sales by March 2026, alongside achieving an adjusted EBITDA of €200-210m.
In the first half of the current financial year, Greenyard reported a 6.1% increase in sales, reaching €2.6bn. This growth was driven largely by pricing strategies that accounted for a 2.4% increase, termed “inflation compensating measures,” while volumes rose by 2.9%.
Moreover, adjusted EBITDA increased by 4.6% to €94.4m, with net profit at €1.2m.
Kint shared insights on the company’s resilience: “After successfully navigating our business during two challenging years in 2022 and 2023, which were marked by unseen inflation, we reached good operational results in the first half of this financial year 24/25.”
He added, “Our net sales increased, and we further improved our adjusted EBITDA. This was driven by sustained volume growth, particularly in the fresh segment, and by managing optimal price levels across both segments, fresh and long fresh.”
In the recent full financial year (2023/24), Greenyard’s sales surged by 10.9% to €5.1bn, with adjusted EBITDA increasing by 11.5% to €186.5m and net profit dramatically up by 63% to €15.2m.
During that same fiscal year, Greenyard made strategic acquisitions, such as Belgium’s Crème de la Crème, a private-label manufacturer of frozen desserts like ice lollies, sorbet, and gelato.
Additionally, it acquired Gigi Gelato, a dairy-free ice cream maker based in the Netherlands, prior to Kint’s promotion to CEO at the end of 2023, concluding the dual leadership of Hein Deprez and Marc Zwaanveld.
