Lamex Food Group to acquire a stake in Alterra
Following the recent investment in Mondi Serbia, Lamex Food Group has made a second investment in a…Following the recent investment in Mondi Serbia, Lamex Food Group has made a second investment in a fruit processing plant, today announcing that it has entered into an agreement to acquire a stake in Alterra, the highly rated Greek processors of frozen fruit and vegetables.
Lamex is one of the world's largest privately owned importers and exporters of frozen and chilled foods, with 18 offices and annual sales in excess of US$ 1.25 billion. 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 brand new fruit and vegetable processing factory in Giannitsa, Pella in 2005. The owners and management had several years’ previous experience and the new factory was designed and built by owner Theo Rousopoulos to the highest technical standards. Since then, the well rounded and experienced Alterra management team has grown the company’s annual production to over 15,000 tons per year, with additional expansion planned for 2013.
Phil Wallace, CEO of Lamex said: “Alterra has been a preferred supplier to Lamex for many years so we know a lot about the people and the business. 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”.
“Following Lamex’s recent investment into Serbian red fruit processor Mondi Serbia, adding Greece’s finest yellow fruit processor to the Lamex Agrifoods portfolio as a second investment is a logical step in a chain of carefully planned investments in processing. These partnerships seek to secure sales and protect the supply chain for Lamex’s long term manufacturing customers around the world, in addition to adding new customers from increased production.”
