Dole PLC has announced that its subsidiaries have completed the sale of the company's Fresh Vegetables Division to og Holdco LLC, the parent company of organicgirl LLC and a portfolio company of Arable Capital Partners, LLC.
The transaction is valued at $140 million, consisting of $90 million in cash and a $50 million seller note, with an additional potential earn-out of $10 million. The cash portion is subject to customary adjustments for net working capital, cash, and indebtedness. Dole will retain its facilities in Huron, California, and Yuma, Arizona.
© Dole
The Fresh Vegetables Division includes operations in the processing and sale of whole produce such as iceberg, romaine, leaf lettuce, cauliflower, broccoli, celery, asparagus, artichokes, green onions, sprouts, radishes, and cabbage, as well as salads and salad kits. The business has agricultural operations and three processing plants in the United States, employing over 3,000 people.
According to Dole, the sale will allow the group to focus resources and investments on its core business activities. Arable Capital Partners stated that the acquisition adds established brands and a broad market presence to its portfolio.
© DoleFor more information:
James O'Regan
Dole PLC
Tel: +353 1 887 2794
Email: [email protected]
www.doleplc.com
