February 27, 2024 DUBLIN–(BUSINESS WIRE)–Dole plc BB #:124463 has today announced that it has reached an agreement to sell its 65% equity stake in Progressive Produce LLC BB #:113613 to PTF Holdings, LLC, the parent company of Pacific Trellis Fruit, LLC BB #:164166.
PTF Holdings is a portfolio company of Arable Capital Partners, LLC.
Dole will receive gross cash proceeds of $120.25 million from this sale.
Progressive Produce, located in Los Angeles, California, is a grower, packer, and distributor of conventional and organic produce to the retail, wholesale and foodservice sectors in the U.S. and Canada. Founded in 1967, today the Company is one of California’s premier produce companies with annual sales in excess of $400 million.
Progressive Produce is a subsidiary of Dole plc and is part of the Diversified Fresh Produce – Americas and Rest of World reporting segment.
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.
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.
Commenting on the transaction, Carl McCann, Executive Chairman of Dole plc, said:
“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.
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.”
Commenting further on the transaction, Derek Yurosek, Managing Director of Arable Capital Partners, said:
“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.
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.”
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.
About Dole plc:
A global leader in fresh produce, Dole plc grows, markets, and distributes an extensive variety of fresh produce sourced locally and from around the world. Dedicated and passionate in exceeding our customers’ requirements in over 75 countries, our goal is to make the world a healthier and a more sustainable place. For more information visit our website at www.doleplc.com.
About Arable Capital Partners:
Arable Capital Partners is a leader in sustainable food and agribusiness investing and partners with businesses and owners across the food value chain. Arable currently has five platform investments, including Pacific Trellis Fruit, organicgirl, Royal Ridge Fruits, Blazer Wilkinson Gee and Laurel Ag & Water. For more information about Arable visit its website at www.arablecp.com.
Contacts
Investor Contact Dole plc:
James O’Regan, Head of Investor Relations
investors@doleplc.com
+353 1 887 2794
Media Contact Dole plc:
Brian Bell, Ogilvy
brian.bell@ogilvy.com
+353 87 2436 130
