Lamex Food Group, Bloomington, Minn., acquired Alterra, a Greek processor of frozen fruit and vegetables.
Under the new joint venture, Lamex Agrifoods, a wholly owned subsidiary of Lamex Food Group, will act in partnership with Alterra on worldwide sales and logistics from July 2013 onwards. Alterra was formed in 2002, and opened a new fruit and vegetable processing factory in Giannitsa, Pella, in 2005. Since then, the company produced more than 15,000 tons per year, with additional expansion planned for 2013.
“Alterra has been a preferred supplier to Lamex for many years, so we know a lot about the people and the business,” says Phil Wallace, chief executive officer of Lamex. “They have grown significantly, but like many in the sector, they have found the continual increase in the cost of raw material and lack of available finance to be a continuing challenge. Lamex’s financial strength, supported by the sales, logistics and technical skills that we bring, will help change these issues.”
Specific financial terms of the transaction are undisclosed.