LT Foods Limited, a global FMCG company renowned for its packaged food products, has announced the acquisition of a 100% stake in Hungary-based Global Green Europe Kft. for an enterprise value of approximately EUR 25 million.
In a press release, LT Foods revealed that this acquisition aligns with its long-term strategy to expand its ready-to-heat (RTH) and ready-to-eat (RTE) business segments while enhancing its presence in Europe. The acquisition will be carried out through LT Foods Europe Holdings Limited, a wholly-owned subsidiary. According to the deal’s terms, LT Foods will pay EUR 6 million at closing for the full equity shareholding, with an additional EUR 1.8 million to be paid over the next two years through an earn-out mechanism. LT Foods will also assume the borrowings of the acquired company. The acquisition includes Global Green International (UK) Limited and Greenhouse Agrar Kft., which function as distribution and support entities. The transaction is subject to foreign direct investment approval in Hungary.
Global Green Europe Kft., founded in 2006 following the acquisition of the former Intergarden N.V., is a leading producer of canned and jarred foods, including sweet corn, gherkins, peas, silver skin onions, and sour cherries. The company operates two major manufacturing sites across 45 acres in Hungary and exports to over 30 countries in Europe. With an annual turnover of around EUR 40 million and a workforce of more than 170 employees, Global Green strengthens LT Foods’ position in the European market.
V.K. Arora, Executive Chairman of LT Foods, commented, “This acquisition is a crucial step in our strategy to expand our product portfolio and global footprint. Acquiring Global Green Europe Kft. allows us to enter the processed canned food market, creating synergies with our existing European operations. It also underscores our commitment to diversifying our food portfolio globally while maintaining leadership in rice-based products.”
Vikas Magoon, from LT Foods Europe, added, “We already have a strong presence in Europe through our operations in the Netherlands and the UK. The addition of Global Green Europe Kft. in Hungary will establish a third manufacturing hub, strengthening our footprint in Central and Southern Europe. Having a base in Hungary also provides a cost advantage, enhancing our competitiveness in the region.”
The EUR 15 billion canned and processed food market in Europe presents a significant growth opportunity for LT Foods to further diversify into high-value packaged foods. The company is optimistic that this acquisition will unlock synergies across its value chain and drive sustainable global growth.
Prowess Advisors acted as the exclusive transaction advisor for LT Foods in this deal.
