Dole, the fruit and vegetable firm, has concluded its 65% share sell-off in Progressive Produce. PTF Holdings acquired the shares in a cash deal amounting over £87 million.
The proceeds acquired from the deal are projected to contribute to Dole’s debt minimisation efforts.
The public were informed of the Dole subsidiary’s sale plans in late February. The agreement includes a clause ensuring that the existing executive team of Progressive Produce retains their positions and a portion of the company’s ownership remains with them.
Having its roots deep in 1967, Progressive Produce is situated in California and specialises in the cultivation, packaging, and distribution of produce for retail, wholesale, and foodservice sectors in both the US and Canada. The company, recording yearly sales surpassing £290 million, is also headquartered in California.