PARIS, May 23 (Reuters) - France’s largest cooperative group InVivo said on Tuesday its Invivo Wine division had signed an agreement to take over one of Europe’s largest wine trading houses, Netherlands-based Baarsma Wine.
The acquisition is a new step in InVivo’s international expansion in wine. It announced in March it was preparing to establish a branch in North America, and earlier said it was looking at the Asian market, notably China.
“With Baarsma, InVivo Wine will have more than 80 percent of its activities internationally and hopes to have sales totalling 500 millions euros by 2020,” Director General Bertrand Girard said in a statement.
The sale, for an undisclosed amount, would be finalised in early summer, InVivo said.
Baarsma Wine had sales of 210 million euros ($236 million) last year and employs 250 people in the Netherlands, Belgium, Britain, Switzerland and South Africa.
InVivo recorded sales of 6.4 billion euros in 2015/16. In addition to agriculture and wine its activities include animal feed and health, and consumer retail including garden centres.
$1 = 0.8890 euros Reporting by Sybille de La Hamaide; editing by Jason Neely