Pacific Trellis Fruit, LLC completed the acquisition of 65% stake in Progressive Produce Corporation from Dole plc (NYSE : DOLE).
March 12, 2024
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Pacific Trellis Fruit, LLC agreed to acquire 65% stake in Progressive Produce Corporation from Dole plc (NYSE : DOLE) for approximately $120 million on February 27, 2024. Post the completion of this transaction, the existing management team of Progressive Produce will remain with the enlarged business of Progressive Produce and Pacific Trellis Fruit and retain an ownership stake. Progressive Produce reported annual sales in excess of $400 million. The transaction is expected to close in March 2024, subject to the satisfaction of customary closing conditions. Net proceeds from the sale received by Dole are currently expected to be used primarily for debt reduction. Progressive Produce was advised by Montminy & Co. as financial advisor and Greenberg Traurig, LLP as legal advisor. PTF Holdings and Arable were advised by K&L Gates, LLP as legal advisor.
Pacific Trellis Fruit, LLC completed the acquisition of 65% stake in Progressive Produce Corporation from Dole plc (NYSE : DOLE) on March 13, 2024.
Dole PLC is engaged in the sourcing, processing, distributing and marketing of fresh fruit and vegetables. The Companyâs segments include Fresh Fruit, Diversified Fresh Produce-EMEA and Diversified Fresh Produce-Americas & ROW. The Fresh Fruit segment sells bananas and pineapples, which are sourced from local growers or Company-owned and leased farms, predominately located in Latin America, and sold throughout North America, Europe, Latin America and Asia. The Diversified Fresh Produce-EMEA segment sells a variety of imported and local fresh fruits and vegetables through retail, wholesale and, in some instances, food service channels across the European marketplace. The Diversified Fresh Produce-Americas & ROW segment includes its United States, Canadian, Chilean, Peruvian, Argentinian and Indian businesses, all of which market globally and locally sourced fresh produce from third-party growers or Company-owned farms through retail, wholesale and food service channels globally.