Belgium-based fruit and vegetable canning company Greenyard has signed an agreement to divest its Greenyard Logistics Portugal business through a management buyout (MBO).

The company has not divulged the financial terms of the deal.

Greenyard co-CEO Hein Deprez said: “Our relationship with Vitor Figueiredo and his management team has been very valuable. However, the synergies have diminished as Greenyard is further concentrating on its core business in other countries.

“We will part ways with great appreciation of our partnership, and we believe that Greenyard Logistics Portugal will continue to be a key logistics provider in Portugal, offering logistics operations in a multi-client model.”

The company has been operating in Portugal since 2001. Its operations include transport and logistics for food products such as fruit and vegetables.

The deal is subject to approval and regulatory requirements, and the company expects to close it in the coming months.

Greenyard Logistics Portugal will be owned and managed by the existing management team, Vitor Figueiredo and Manuel Rodriguez. Vitor Figueiredo will serve as the CEO and Manuel Rodriguez will be the COO of the company.

The management team will receive support from Vallis Capital Partners, a private equity and investment funds management firm.

In June, Belgium-based potato and corn snacks producer Roger & Roger announced the acquisition of the assets, including employees, of Greenyard Frozen in Hungary for an undisclosed sum.

This divestiture was also part of Greenyard’s transformation plan. The company focused on improving its operations by optimising, rationalising and consolidating its footprint.