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Del Monte to acquire Mann Packing for $361m

Published 07 February 2018

Del Monte Fresh Produce, the North America subsidiary of Fresh Del Monte Produce, has agreed to acquire Mann Packing, a grower, processor and supplier of fresh and value-added vegetable products in North America.

Mann Packing’s annual sales were approximately $535 million in 2017.

Del Monte will acquire Mann Packing for an aggregate consideration of approximately $361 million in cash financed with cash on hand and the Company’s existing credit facility.

The Company expects the acquisition to be accretive to earnings in the first year. 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.

Fresh Del Monte chairman and CEO Mohammad Abu-Ghazaleh said: “We are extremely pleased about our acquisition of Mann Packing, a leader in the fresh and value-added vegetable category.

“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.

“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.



Source: Company Press Release