Fresh Del Monte Produce has announced that its North America subsidiary, Del Monte Fresh Produce has entered into a definitive agreement to acquire Mann Packing, an award-winning innovator and leading grower, processor and supplier of a broad variety of fresh and value-added vegetable products in North America.
According to a Del Monte release, Mann Packing’s annual sales were approximately US$535m in 2017.
Del Monte will acquire Mann Packing for an aggregate consideration of approximately US$361m in cash financed with cash on hand and the Company’s existing credit facility.
The transaction is subject to regulatory approvals and other conditions that are customary for transactions of this type and is expected to close during the first quarter of 2018.
“We are extremely pleased about our acquisition of Mann Packing, a leader in the fresh and value-added vegetable category,” said Mohammad Abu-Ghazaleh, chairman and chief executive officer of Fresh Del Monte. “Mann Packing’s strength in the vegetable category, one of the fastest growing fresh food segments, will allow us to diversify our business, leverage our distribution network and infrastructure and increase our market reach.
'In addition, this transaction will provide us with synergies, enhancing our ability to better serve our combined customers and address consumers’ needs for healthier products,' he added. 'This acquisition is a significant step toward our goal to be the world’s leading supplier of healthful, wholesome and nutritious fresh and prepared food and beverages for consumers.”
Rabobank served as the exclusive financial advisor to Fresh Del Monte on this transaction.
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