Ireland-based produce multinational Fyffes has bought its second company in the Canadian mushroom sector, acquiring All Seasons Mushrooms for CAD$59.1 million (€41 million). 

The 100% purchase follows on from Fyffes acquisition of Highline Produce Limited in April this year.

In a release, Fyffes highlighted British Columbia-based All Seasons was one of the largest mushroom growers in western Canada, with fully integrated production from four facilities of which three are owned and one is leased.

Fyffes expects All Seasons' geographic reach to be highly complementary to that of Highline Produce, and current CEO Frank Moscone will remain in the business post acquisition.

Fyffes has based its CAD$59.1 million valuation of All Seasons on a 7.5 times multiple of its 2015 reported EBITDA of CAD$7.8 million.

Fyffes chairman David McCann said his team was very pleased to have acquired All Seasons, representing an "excellent strategic addition to the Highline business".

"Together, Highline and All Seasons will be well placed to provide Canadian customers with a consistent supply of the highest quality mushrooms from coast to coast, while continuing to strategically supply US customers with premium and organic mushrooms.

"We look forward to working with Frank Moscone and his management team to continue to develop the business."

We are delighted to be joining the Fyffes Group and excited about the potential in working with Highline to provide nationwide coverage to our combined customer base," added Moscone.

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