In a significant shift within the agricultural sector, the Assemi family, a prominent name in Fresno's farming community, is exploring the sale of its extensive agricultural operations. This includes a vast expanse of farmland totaling tens of thousands of acres and the Touchstone Pistachio Company, a key player in nut processing. The decision is influenced by Farid Assemi's declining health and ongoing legal disputes within the family regarding the control of their agricultural enterprises.
Maricopa Orchards and Touchstone, central to the Assemi's agricultural ventures, are on the market. Maricopa Orchards boasts approximately 52,000 acres of land, primarily used for pistachio and almond cultivation, while Touchstone handles the packing and shipping aspects of the business. The sale, referred to as "Project Green" by the Assemis and Cascadia Capital, the investment bank overseeing the transaction, is valued at an estimated $2 billion. The presentation for potential buyers highlights "Project Green" as an unparalleled opportunity to acquire a leading, integrated agricultural platform with exceptional water rights in a prime farming region.
The Assemi family is open to selling the company as a whole or in parts. Maricopa Orchards and Touchstone's operations include a significant processing capacity and storage facilities, with a revenue surge noted for Touchstone in the previous year. The acquisition of Maricopa Orchards would also transfer valuable water rights across several water districts, underscoring the strategic importance of this potential sale in the agricultural landscape.
Source: sjvsun.com