CHARLOTTE, NC - Dole plc struck a deal with PTF Holdings to sell its 65 percent equity stake in Progressive Produce, receiving gross cash proceeds in the amount of $120.25 from the transaction. PTF Holdings is the parent company of Pacific Trellis Fruit and a portfolio company of Arable Capital Partners.
“We are pleased to announce the sale of our equity interest in Progressive Produce to Arable Capital Partners. Since our initial investment in 2016, the business has been a strong performer within our Group,” commented Carl McCann, Executive Chairman of Dole plc. “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. The proceeds from this sale will further strengthen our financial position and enhance the Group’s focus on, and investments in, our core activities.”
Founded in 1967, Progressive Produce is located in Los Angeles, California, and is a grower, packer, and distributor of conventional and organic produce to retail, wholesale, and foodservice sectors in the United States and Canada. According to a release, the company’s annual sales exceed $400 million.
Currently, Progressive Produce is a subsidiary of Dole plc and is part of the Diversified Fresh Produce – Americas and Rest of World reporting segment. Post completion of this deal, where the seller is represented by Joel Montminy, Chief Executive Officer and Founder of Montminy & Co., 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.
“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,” said Derek Yurosek, Managing Director of Arable Capital Partners. “While Progressive Produce and Pacific Trellis Fruit will continue to operate independently, we are excited about the chance for them to work together to continue to grow their businesses and ultimately bring even greater value to their grower partners and customers. This is a fantastic outcome for everyone involved.”
The transaction is expected to close in March 2024, subject to the satisfaction of customary closing conditions.
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