Total Produce acquires 65pc of California firm
Published 02/02/2016 | 07:18
Total Produce, the fresh produce company, has announced it has acquired a 65pc equity stake in California-based Progressive Produce.
Progressive Produce is a grower, packer and distributor of conventional and organic produce in the US and Canada.
The business serves its customers from four strategically located distribution facilities in California and Washington.
The purchase of the stake will be cleared by an initial payment while a further payment will be made in 2019, should certain profit targets be met.
Total Produce has also revealed that put and call options are in place for the remaining 35pc.
Speaking about the acquisition, Total Produce chairman, Carl McCann, said: "This transaction with a leading California produce company further broadens our US operations and is in line with our strategy.
"We look forward to working with the excellent people in Progressive Produce as it continues to develop its very successful business expansion in future years."
Jim Leimkuhler president of Progressive Produce said: "We believe this is an excellent long-term combination of skills and expertise that will benefit all stakeholders, including our growers, our suppliers, our people and our customers.”