The Oppenheimer Group has acquired a 65% stake in the Temecula, Calif.-based avocado grower Eco Farms.
“We are incredibly excited for the opportunity to work with Eco Farms closely,” Oppy’s president and chief revenue officer David Smith, said in the release. “They are a leading player in the avocado category and have a wealth of priceless expertise that they’ve gained over nearly 50 years of operation.”
After Oppy’s stake in Eco Farms, the company’s remaining ownership is comprised of Eco Farms and Santiago-based grower-marketer El Parque, according to the release. Oppy will ultimately market a wide range of citrus and select tropical items in tandem with Eco Farms, according to the release.
The strategic partnership, according to the release, will allow Eco Farms to capitalize on Oppy’s extensive distribution network and widespread access to market, while Oppy will solidify its existing avocado category which will reap the benefits of vertical integration.
Smith said the avocado category has seen substantial growth over the last 10 years.
“Through this partnership we will complement Oppy’s existing avocado programs and will be able to drive the category forward by uniting the unique strengths and advantages of both businesses,” Smith said in the release.
The companies, according to the release, will bring to market a new, holistic avocado offering that includes growing and importing premium avocados, ripening in convenient, strategic locations and flexible packaging options in a bright, new brand,
By integrating with Eco Farms, the release said Oppy will offer organic and conventional avocados from Mexico, California, Chile, Colombia and Peru.
The Eco Farms brand has been “ toned up” to reflect the new partnership and deliver on the positioning line Green is Good, according to the release.
The line represents Eco Farms’ commitment to growing flavorful, high-quality fruit using sustainable practices that stand the test of time, like pioneering organic avocado production. Green is Good playfully conveys the excellent nutrition properties of avocados in their familiar green package.
The approach is well timed for Oppy’s stake in Eco Farms, Steve Taft, Eco Farms president and founder, said in the release.
“We’re confident that by working together we can truly accelerate our growth and bring both of our organizations to new heights,” Taft said in the release. “Thanks to Oppy’s extensive industry knowledge and connections we can expand at a speed and scale that otherwise would not have been possible, while they can tap into our decades of tried and trusted expertise in this robust category.”
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