The J.R. Simplot Company, a privately held food and agriculture company headquartered in Boise, Idaho, and Clarebout Potatoes, a leading potato processing company headquartered in Belgium, have announced Simplot’s intention to acquire the operating business of Clarebout. The acquisition brings together two market leaders in the processing and distribution of frozen potato products and related services. The parties anticipate closing the transaction in 2025 following the receipt of all regulatory approvals.
“This is an exciting time for Simplot,” said Graham Dugdale, President of Simplot’s Global Food business. “We are thrilled about the synergy that Clarebout brings to our business, which not only expands our ability to serve the European market but brings together a pair of family-owned companies who align closely in core values and our commitment to customers, employees and the communities where we operate.”
The announcement comes after discussions surrounding the companies’ shared desire to form a strong food foundation capable of meeting the world’s evolving economic, agricultural and environmental demands. By joining, the two companies have succeeded in creating a frozen potato processing group with complementary assets to serve customers around the world with localized supply from 23 production locations.
“It’s a coming together of heart and mind. With Simplot, we share the common values of family businesses,” said Jan Clarebout, CEO of Clarebout Potatoes. “Simplot, like Clarebout, started from scratch and managed to grow while remaining faithful to principles as essential as respect for people and the Earth. We could have continued on our own, but the economic reality of the world, and a form of common sense, led us to come together. It’s a choice for the future and a sustainable future.”
The agreement between the two parties provides for the maintenance, and even expansion, of Clarebout Potatoes’ assets—staff and production sites—on the European continent. BofA Securities acted as exclusive financial advisor, and Gibson, Dunn & Crutcher LLP and Loyens & Loeff BV/SRL acted as legal advisors to the J.R. Simplot Company. Lazard acted as exclusive financial advisor and Eubelius as legal counsel to Clarebout.