France: InVivo reaches an agreement to acquire Soufflet Group
InVivo Group, a French agricultural cooperative group operating in several key countries, on May 5 announced it has reached an agreement to acquire Soufflet Group, a French family group operating in food and agriculture. Once completed, the transaction would create a French-based leader in agriculture and agribusiness with an international footprint.
Financial terms of the transaction were not disclosed. The transaction is subject to the authorization of relevant competition authorities, and is expected to be finalized by the end of 2021.
“With the acquisition of Soufflet Group, InVivo complements and develops its skills, know-how and R&D activities, with the aim of expanding its sustainable supply chains — from the field to the consumer — illustrating the wealth of French agriculture through the continuation of the Soufflet brand and its talents,” InVivo said. “The new entity will also be better positioned to face increased European and international competition in its different business lines, and to provide sustainable solutions to French agriculture and all stakeholders of the French agri-business sector as to support the agricultural and food transition.”
InVivo said the acquisition will allow it to further pursue its strategy, which is based on three ambitions: to become a key reference in innovative agricultural solutions, to invest in the agricultural and food business lines of the future, and to contribute to the economic growth and influence of French agriculture and agri-business globally.
When news of the transaction first surfaced in mid-January, the companies said a combined business would have revenues of nearly €10 billion, with about half of that generated outside France. The merged company also would have more than 12,500 employees worldwide, operating more than 90 industrial sites, including 59 sites in France.
InVivo and Soufflet also said at that time that the combined company is expected to bring together their international grain trading activities while also uncovering value in complementary businesses with limited overlap, including Soufflet’s flour milling and malt production and InVivo’s wine distribution.
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