F&S Fresh Foods signed a non-binding letter of intent to acquire Fresh Cut business of Calavo Growers, Inc. for approximately $100 million.

F&S Fresh Foods signed a non-binding letter of intent to acquire Fresh Cut business of Calavo Growers, Inc. (NasdaqGS:CVGW) for approximately $100 million on January 16, 2024. The total transaction value of approximately $100 million, is subject to customary adjustments. The sale also includes some related real estate of F&S Fresh Foods.

The Proposed Transaction is expected to close in the second quarter of fiscal 2024 and is subjected to customary adjustments. The closing of the proposed transaction is subject to the negotiation and execution of a binding agreement. The sale proceeds are expected to be used for debt reduction, growing Calavo's core business and returning cash to shareholders.