Dole, a leading fresh produce company, has announced plans to sell its 65% stake in North American Progressive Produce to agri-food investor Arable Capital Partners for $125.2m. The sale will help Dole lower its debts and is expected to close by the end of next month. This move aligns with Dole’s strategy to focus on its core activities in the food and beverage industry.
Progressive Produce, based in Los Angeles, specializes in growing, packing, and shipping fresh fruit and vegetables to various channels in the US and Canada. The company will join forces with Arable Capital Partners’ subsidiary, PTF Holdings, which owns Pacific Trellis Fruit. Together, they aim to grow their businesses and provide value to their customers and grower partners.
Carl McCann, the executive chairman of Dole, expressed gratitude to the management teams of Progressive Produce and Pacific Trellis Fruit for their contributions to the company’s growth. He emphasized that the sale will strengthen Dole’s financial position and enable them to focus on their core operations more effectively.
Derek Yurosek, managing director of Arable Capital Partners, praised Progressive Produce’s leadership in top produce categories and its diverse customer base. He highlighted the potential for Progressive Produce and Pacific Trellis Fruit to collaborate and enhance their businesses further.
Overall, this strategic move underscores Dole’s commitment to optimizing its operations and investing in its core activities. As the food and drink business continues to evolve, partnerships like this one will be crucial in driving innovation and meeting consumer demands in the market.
