PARIS (Reuters) - Agricultural commodity trading group ED&F Man has acquired Maviga Plc, a British firm specialising in pulses, as it targets rising demand for protein crops for use in food, the companies said on Wednesday.
Maviga sources and ships around 250,000 tons of bagged and bulk products annually, including dried edible pulses and other niche crops like sesame seeds. It generated sales of over $300 million in 2015 and a pretax profit of $8 million.
Financial details of the transaction were not disclosed.
“The global market for edible pulses is growing rapidly,” Philip Howell, ED&F Man’s chief executive, said in a joint statement by the two companies.
“It is estimated that the world’s population will be 9 billion by 2050; this will place an even greater reliance on leguminous protein.”
Privately owned, British-based ED&F Man’s activities include a large sugar and coffee trading business as well as financial and brokerage services.
Reporting by Gus Trompiz; Editing by Susan Fenton