Zionsville, Ind.-based Teays River Investments has agreed to purchase Bakersfield, Calif.-based Grimmway Farms.
Teays has an extensive background in agriculture, and the sentiment is that Grimmway will greatly benefit from the firm’s expertise, according to a source with knowledge of the deal. The move is expected to help Grimmway grow its business sustainably while staying true to its legacy and core values.
Grimmway is pleased to select Teays as its new ownership because the firm is a respected steward and supports the continuity of the Grimmway management team and the thousands of others employed by the company, according to the source.
The Teays River Investments website states that the firm focuses on bringing together stakeholders to improve agricultural value chains. Teays endeavors to create more efficient systems that use natural resources responsibly and increase the quality, safety and traceability of products, according to the site.
Teays also states on the website that its partnership culture is “based on respect and trust, combined with an entrepreneurial drive to challenge the status quo and commit to execution that creates value for our partners and the consumer.”
Grimmway celebrated its 50th anniversary last year and grows in California, Washington, Florida and Colorado, according to the company website.
While Grimmway is best known for carrots, the organization is a significant player in the organic vegetable space, marketing products under the company’s Cal-Organic label. Grimmway recently donated $5 million to Cal Poly to establish the Center for Organic Production and Research on the university’s campus.
The sale of Grimmway to Teays is expected to close later this year, and more details are expected to be made available at that time.
