Maviga becomes a wholly owned subsidiary of ED&F Man and is an important part of the Group’s strategic growth plans for its Commodities Division.
Maviga was founded in 1994 and, in 2015 was ranked 169th in The Sunday Times’ Top Track 250 with total sales of over $300m and profit before tax up by 62% to $8m. The Company is headquartered in Yalding, Kent in the UK and has trading offices and processing facilities in 12 countries around the globe.
Maviga annually originates, processes and ships approximately a quarter of a million tons of bagged or bulk containerised products from over 25 origins to industrial end users and import-distributors in more than 65 destination markets around the world.
Commenting on the acquisition, Philip Howell, Group Chief Executive of ED&F Man, said:
“This is a strategic acquisition in a dynamic sector, of a highly-regarded company with an accomplished leadership team. The global market for edible pulses is growing rapidly – it is estimated that the world’s population will be 9 billion by 2050; this will place an even greater reliance on leguminous protein. We are delighted to welcome Maviga to the ED&F Man Group.”
Jan Kees van der Wild, Managing Director of ED&F Man’s Commodity Division, commented:
“The acquisition of Maviga will enable us to participate in the growth of this important segment and to continue to offer customers choice, quality and an assured supply chain. As a Division we look forward to collaborating to help accelerate the growth of the Maviga Business Unit and Commodities business overall.”
Commenting on the decision to become part of ED&F MAN group, Marcus Coles, Chief Executive Officer of Maviga, said:
“This is about the perpetuity of our business, something that ED&F Man, with its 230 year heritage understands. ED&F Man has a strong entrepreneurial culture and will be able to provide Maviga with investment capital for both continued organic growth and acquisitions.”
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Notes to Editors:
- The General Assembly of the United Nations of New York voted unanimously on 20 December 2015 to make 2016 ‘International Year of Pulses’.
About ED&F Man
- ED&F Man sources, stores, ships and distributes agricultural products including coffee, sugar, molasses and grains. The Group trade those products around the world, and with some, it processes and brands them for industrial customers and consumers.
- The Group also helps many of its customers manage pricing risk through financial products. For others it acts as a broker, executing orders for hedge funds and professional traders; it does its own clearing through exchanges such as the Chicago Board of Trade and the London Metals Exchange.
- ED&F Man was founded in 1783 and today employs approximately 7,000 people in over 60 countries; its employees hold the majority of its shares.
- Further information is available on the Group at www.edfman.com
- Maviga was founded in 1994 and is now a leading international player in the origination of all varieties of dried edible pulses and other special crops.
- Its principal activity is the origination, processing and supply of dried edible pulses (peas, beans, lentils, chickpeas), and other special crops including sesame seeds, raw cashew nuts and ginger.
- The Company sources produce from over 25 origins to over 65 markets around the world.
- In 2014 Maviga received its third Queen’s Award for Enterprise for International Trade, the UK’s highest accolade for business success; the same award was previously bestowed on Maviga in 2009 and 2003.
- Further information is available on the Company at http://www.maviga.com/