James Finlay Limited has signed a definitive agreement to sell its horticulture business, Finlays Horticulture Investments, and its subsidiary companies to an affiliate of Sun European Partners for an undisclosed sum.
The transaction includes the sale of Finlay Flowers UK, Finlays Fresh Produce UK, Finlays Horticulture Kenya, Finlays Horticulture Tanzania, Omniflora, Finlay Flowers BC, FV SeleQt, Dudutech and Finlays Horticulture South Africa. Finlays will, however, retain its flower farm business in Kericho, Finlay Flowers, located within its tea estates in Kenya, who will continue to supply Omniflora and Finlay Flowers UK exclusively.
Finlays managing director Guy Chambers commented: ?Finlays Horticulture has a strong customer base, an experienced management team and is performing well. So the decision to sell Finlays Horticulture has not been taken lightly. However, this is a strategic decision. Finlays has a unique and integrated global footprint in the beverage industry. We own and operate tea estates, extraction facilities for tea, coffee and plant extracts, packing facilities and R&D labs across four continents. We felt that it was increasingly important to focus on beverages as our core business area, rather than trying to succeed globally at both beverages and horticulture in one company. We have been working closely with Sun on this transaction and we are happy that they will be in a position to support the growth of the horticulture business going forward under new ownership.?
The transaction is expected to be completed before the end of 2015, subject to closing conditions including customary regulatory approvals.