The company filed a registration statement with the Securities and Exchange Commission on Sept. 4, according to a news release. The number of shares and price range for the proposed offering haven’t been determined, according to the company.
Mission has customers in more than 25 countries, with four packing facilities in the U.S., Mexico and Peru and 11 distribution and ripening centers in the U.S., Canada, China and the Netherlands, according to the release. Mission has sales offices in the U.S., China and the Netherlands.
BofA Securities, J.P. Morgan and Citigroup are underwriting the deal, with Roth Capital Partners, Stephens Inc. and D.A. Davidson & Co. are acting as co-manager for the public offering, according to the release.
According to the company’s Form S-1, which companies must file with the SEC before going public, Mission Produce saw revenues from 2009 to 2019 (for the financial years ending Oct. 31), go from $229 million to $883 million, a 14.5% compound annual growth rate (CAGR). In the same time, avocado sales by volume went from 172 million pounds to 559 million pounds, a 12.5% CAGR. At 559 million pounds, the company distributed 58% more fruit than its closest competitor, according to the filing.
“We are well-positioned to continue to capture growth from the attractive U.S. market, which is projected to grow to over $8 billion of sales in 2023,” according to Mission’s SEC filing.
The company listed its strengths in the filing, including:
- Global sourcing with year-round supply and established relationships with growers;
- Global distribution network;
- Extensive infrastructure and facilities; and
- International farming and vertical Integration.
- Growth strategies
Mission Produce reported it plans to expand its U.S. distribution network; a massive Laredo, Texas, facility that’s under construction near the Mexican border will open next year.
The company has expansion plans in Europe, with direct imports from South America; and expects to strengthen relationships with distributors in Asia, including distribution in China, from its current infrastructure.
The company has been investing in integrated operations, and plans to increase the volume of Mission-grown avocados, according to the SEC document.
“As we continue our efforts to gain more control over and visibility into the quality of our fruit throughout our supply chain, we can continue to provide seasonal customer programs that we believe are a key differentiator compared to our competition,” according to the SEC filing.