The group’s 65 per cent equity stake has been sold to Arable Capital, completing a deal first announced in February

Dole plc has announced that it has completed the previously announced sale of its 65 per cent equity stake in Progressive Produce PTF Holdings, the parent company of Pacific Trellis Fruit.

Progressive Produce is a grower, packer, and distributor of conventional and organic produce to the retail, wholesale and foodservice sectors in the US and Canada.

PTF Holdings is a portfolio company of Arable Capital Partners, a leader in sustainable food and agribusiness investing and partners with businesses and owners across the food value chain.

Dole said it had received gross cash proceeds of US$120.25m from the sale.

When the deal was announced In February, Dole said net proceeds from the sale would be used primarily for debt reduction.