Agri Investment Fund CVBA invests in PinguinLutosa

The stake amounts to 9.14%, which corresponds to 1,057,983 shares. AIF joins existing PinguinLutosa shareholders Gimv and Food Invest International.

The investment originated from AIF's intention to build and maintain a constructive relationship between the company and Belgian farmers and support Flemish agricultural businesses.

PinguinLutosa announced a rights issue set to take place this year and is hoping to raise between €44m and €48.06m with a €9 per share offer. The investors, AIF, Gimv and Food Invest International guaranteed to provide at least €44m for the capital increase.

Company
PinguinLutosa is a producer and supplier of frozen vegetables with headquarters in Westrozebeke, Belgium. The company acquired Belgian fresh fruit and vegetables specialist Scana Noliko in July of this year, followed by the takeover of CECAB Group, a French frozen foods producer in September.

PinguinLutosa has production facilities in 8 countries, 19 stores overall and maintains sales offices across all continents. It has its own R&D department and supplies companies in food service, food retail, food industry and the fast food industry. It has 1,696 staff.

In 2010, the company has a turnover of €483.6m. PinguinLutosa is listed on Euronext Brussels and has a market cap of around €92.8m.

People
Hendrik Soetze is CEO of AIF.

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