Bangalore-based floriculture company Karuturi Networks is close to acquiring the Netherlands-based Sher, the world’s largest producer and supplier of roses, for about $50 mn (Rs. 220 crores). Sher has greenhouses in the Netherlands, Kenya and Ethiopia with an annual production of 600 mn roses.
The acquisition will be funded through internal accruals and the proceeds of a $25 mn FCCB issue. UTI Bank and the London-based Silverdale Services are advisors to the transaction. Established in 1994, Karuturi Networks currently processes 12 mn roses annually. Karuturi Networks has 60 hectares of greenhouses in India and Ethiopia for rose cultivation. With this acquisition, Karuturi will get a strong brand in Sher as well as European facilities.
Read The Economic Times article.
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