Mission Produce has obtained antitrust clearance from Mexico’s Federal Economic Competition Commission in connection with its pending acquisition of Calavo Growers, according to the companies.
The clearance satisfies the acquisition’s closing condition in the previously announced merger agreement, the companies say, adding that the transaction is expected to close May 28, subject to continued satisfaction of all closing conditions.
The deal was announced in January. Mission Produce says the transaction values Calavo at a total enterprise value of approximately $430 million.
In January, the global producer and distributor of fresh avocados said the acquisition of Calavo Growers, a provider of fresh avocados, tomatoes, papayas and value-added prepared foods, would bolster its avocado and fresh produce platform in North America and accelerate global expansion.
“Calavo is one of the most established names in the avocado industry, with a long history in North America and a diversified portfolio of fresh and value-added produce,” John Pawlowski, president and CEO of Mission Produce, told The Packer. “By bringing Calavo into the Mission family, we expect to create tremendous opportunities to build on our leadership in the North American avocado business and enhance our customer service worldwide.”
Founded more than 100 years ago as the original avocado company in North America, Calavo Growers’ offerings now include fresh avocados sourced from California, Mexico, Peru and Colombia; tomatoes; Hawaiian papayas; and a variety of ready-to-eat products such as guacamole and salsas. Its products are sold under the Calavo brand name and proprietary sub-brands, as well as private labels and store brands.
Your next read: Mission Produce to Acquire Calavo in $430M Deal, Creating Global Avocado Powerhouse
