Wessanen Closes Sale of Tree of Life, Inc.
The sale was subject to regulatory approvals, approval by Wessanen’s shareholders and financing by Kehe, all of which have been secured over the past weeks.
2 Feb 2010 --- The Executive Board of Royal Wessanen nv announces that it has completed the sale of its North American distribution business Tree of Life, Inc., to Kehe Food Distributors, based in Romeoville, Illinois. As announced on December 23, 2009, the divestment is in line with Wessanen’s strategic transition to a group focused on the European Organic food market.
The transaction price is at the top end of the agreed range and amounts to USD 190 million (EUR 133 million) on a cash and debt free basis.
The sale was subject to regulatory approvals, approval by Wessanen’s shareholders and financing by Kehe, all of which have been secured over the past weeks.
