(Feb. 21) Belgium-based Univeg Group has signed a letter of intent to invest in Ready Pac Produce Inc., Irwindale, Calif., but details of the deal haven’t been made public.
While not able to share any details of the pending investment, Steve Dickstein, vice president of marketing for Ready Pac, said on Feb. 21 that the transaction is scheduled in “the very near term.”
“They are going to be a very significant investor of resources, both human and capital, to get the company to the next stage of growth,” Dickstein said.
He said he could not reveal how large a stake Univeg would have in Ready Pac.
A statement by Univeg echoed what Dickstein said.
“The transaction will include a large capital investment into Ready Pac’s working capital. This new capital and the operational resources to be provided by Univeg will allow Ready Pac to continue to aggressively grow their business platform,” the statement on Univeg’s Web site said.
The Univeg statement noted Ready Pac has sales of about $700 million from seven facilities in California, Texas and the East Coast.
Dickstein said that Univeg has upwards of 60 companies around the world that deal in fresh fruits and vegetables. “They are a global player in the fresh world, and they see real value in Ready Pac.”
In 2004, Univeg purchased Seald Sweet International, Vero Beach, Fla.