Dole to Sell Stake in Produce Packer/Distributor for $120M

Dole plc is selling its 65% equity stake in Progressive Produce to PTF Holdings, the parent company of Pacific Trellis Fruit.

PTF Holdings is a portfolio company of Arable Capital Partners. Dole will receive gross cash proceeds of $120.25 million from this sale.

Progressive Produce, located in Los Angeles, CA, is a grower, packer, and distributor of conventional and organic produce to the retail, wholesale, and foodservice sectors in the US and Canada. Founded in 1967, the company now is one of California’s premier produce companies with annual sales in excess of $400 million.

Progressive Produce is a subsidiary of Dole plc and is part of the Diversified Fresh Produce – Americas and Rest of World reporting segment.

Post completion of this transaction, the existing management team of Progressive Produce will remain with the enlarged business of Progressive Produce and Pacific Trellis Fruit and retain an ownership stake.

“We are pleased to announce the sale of our equity interest in Progressive Produce to Arable Capital Partners. Since our initial investment in 2016, the business has been a strong performer within our Group," said Carl McCann, executive chairman, Dole plc. "...The proceeds from this sale will further strengthen our financial position and enhance the group’s focus on, and investments in, our core activities.”

“Arable is thrilled about the opportunity to partner with Progressive Produce. The company is a leader in top produce categories and has an impressive and diversified customer base, as well as an exceptional team. We look forward to helping Progressive Produce continue to deliver outstanding products and service to its retail, wholesale, and foodservice customers," said Derek Yurosek, managing director of Arable Capital Partners.

He added that Progressive Produce and Pacific Trellis Fruit will continue to operate independently.

The transaction is expected to close in March 2024. Net proceeds from the sale received by Dole are expected to be used primarily for debt reduction.