Dole plc says it has agreed to sell its 65% equity stake in Progressive Produce to PTF Holdings, the parent company of Pacific Trellis Fruit. PTF Holdings is a portfolio company of Arable Capital Partners.
Dole said it will receive gross cash proceeds of $120.25 million from the sale. The company said it expects to close the equity sale in March 2024.
Los Angeles-based Progressive Produce is a grower, packer, and distributor of conventional and organic produce to the retail, wholesale and foodservice sectors in the U.S. and Canada with annual sales of over $400 million, according to a news release.
“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,” Derek Yurosek, managing director of Arable Capital Partners, said in the release.
Progressive Produce is a subsidiary of Dole plc and is part of the Diversified Fresh Produce — Americas and Rest of World reporting segment.
Dole said following the completion of the equity sale, Progressive Produce’s existing management team will remain with the business and retain an ownership stake.
“Since our initial investment in 2016, the business has been a strong performer within our group,” Carl McCann, executive chairman of Dole plc, said in the release. “The proceeds from this sale will further strengthen our financial position and enhance the group’s focus on, and investments in, our core activities.”
Related: Dole plc agrees to sell its fresh vegetables division to Fresh Express
