Dole Plc has agreed to sell its 65% equity stake in Progressive Produce to PTF Holdings, the parent company of Pacific Trellis Fruit, for cash proceeds of $120.25 million (€110.77 million).
Progressive Produce is a subsidiary of Dole plc and part of the Diversified Fresh Produce – Americas and Rest of World reporting segment, the company noted.
PTF Holdings is a portfolio company of Arable Capital Partners, LLC.
Los Angeles-based Progressive Produce is a grower, packer and distributor of conventional and organic produce to the retail, wholesale and foodservice sectors in the US and Canada.
Founded in 1967, the company is one of California’s leading produce companies, with annual sales exceeding $400 million (€368 million).
The Transaction
The deal, subject to customary conditions, is expected to close in March 2024.
Dole plans to use the net proceeds from the sale for debt reduction and investment in core activities.
Carl McCann, executive chairman of Dole plc, commented, “Since our initial investment in 2016, the business has been a strong performer within our group.
“We would like to thank the current and former management teams for their dedication, passion, and significant contributions to the growth of this business over the time that we have been partners. We wish the executive team and their new majority owners continued success for the future.”
Post-completion of the transaction, Progressive Produce and Pacific Trellis Fruit will continue to operate independently.
Derek Yurosek, managing director of Arable Capital Partners, stated, “Arable is thrilled about the opportunity to partner with Progressive Produce. The company is a leader in top produce categories and has an impressive and diversified customer base, as well as an exceptional team.
“We look forward to helping Progressive Produce continue to deliver outstanding products and service to its retail, wholesale and foodservice customers.”
