Investment group acquires 20/20 Produce - The Packer

Investment group acquires 20/20 Produce

03/19/2014 05:55:00 PM
Mike Hornick

20/20 Produce Sales Inc.Heyburn, Idaho-based distributor 20/20 Produce Sales Inc., which markets potatoes, apples and onions, has been acquired by RM Investors Inc.

20/20 Produce Sales, now a public company, had net sales of $15.9 million in 2013 and a net profit of $0.4 million.

RM Investors agreed to issue 4.8 million stock shares to acquire 20/20 as a subsidiary in a deal still to be finalized, according to a news release. RM Investors plans to change its name to 20/20 Global Inc., which will result in a new stock symbol.

Upon completion and as a result of other recent transactions, former 20/20 Produce stockholders will own 5.4 million shares, or about 90%, of RM Investors shares, with the remainder held by RM’s former managers.

20/20 Produce directors and shareholders have been elected as directors and officers of RM Investors. The new board consists of Mark Williams, Robert Williams, Tom Wason and Colin Gibson. At 20/20 Produce, Robert Williams is founder; Mark Williams, chief operating officer; Wason, president; and Gibson, vice president of sales.

The new board also approved a two-for one forward stock split of roughly 6 million shares, which when finalized will put the total at about 12 million.

The acquisition was announced March 15.

20/20 Produce Sales was founded in 1993 and ships year-round from 15 facilities.



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