DUBLIN - Dole plc (NYSE:DOLE), a global leader in fresh produce, has entered into an agreement to divest its 65% equity interest in Progressive Produce LLC to PTF Holdings, LLC, a holding company of Pacific Trellis Fruit and a portfolio company of Arable Capital Partners. The transaction, which will result in gross cash proceeds of $120.25 million for Dole, is anticipated to close in March 2024, pending customary closing conditions.
Progressive Produce, a subsidiary of Dole since 2016, operates out of Los Angeles, California, and is recognized for its role in the production, packaging, and distribution of both conventional and organic produce. With an established presence in the retail, wholesale, and foodservice sectors across the U.S. and Canada, Progressive Produce boasts annual sales surpassing $400 million.
Upon completion of the sale, the existing management team of Progressive Produce is set to continue leading the company, retaining an ownership stake, while working alongside Pacific Trellis Fruit. The net proceeds from the sale are expected to be primarily used by Dole for debt reduction.
Carl McCann, Executive Chairman of Dole, expressed satisfaction with the transaction, acknowledging the strong performance of Progressive Produce within the group and commending the management teams for their contributions to the company's growth. He also noted that the sale proceeds would bolster Dole's financial position and allow for enhanced focus on core activities.
Derek Yurosek, Managing Director of Arable Capital Partners, also commented on the acquisition, lauding Progressive Produce's leadership in key produce categories and its diversified customer base. Yurosek expressed enthusiasm for the potential collaboration between Progressive Produce and Pacific Trellis Fruit, which is expected to bring added value to their customers and grower partners.
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