U.S.: Total Produce takes 50% equity in The Fresh Connection
Ireland-headquartered multinational Total Produce has purchased a 50% equity stake in U.S. produce company The Fresh Connection in the latest in a run of acquisitions in the North American market.
The California-based export company was founded in 1994 and last year saw sales revenue of around US$165 million.
The Fresh Connection is engaged in the distribution and export of a range of fresh fruits and vegetables to customers in more than 35 countries, with operations in four key production regions.
The investment builds on Total Produce's existing North American operations including Oppy, Progressive Produce, Eco Farms and Gambles Group.
The Fresh Connection partners with a network of growers throughout the U.S., Mexico, South America, South Africa, and Australia, supplying produce including citrus, apples, pears, table grapes, berries, cherries, and stonefruit.
Hank Miller will continue as co-shareholder and CEO of the business and Will Mehrten will remain as president of the company.
"We are delighted to become shareholders in The Fresh Connection. This transaction further broadens our US presence and provides us with strategic access to other key markets," Total Produce chairman Carl McCann said.
"We look forward to working with Hank, Will and the excellent people in The Fresh Connection as it continues to develop its very successful business expansion in future years."
Miller said the transaction would further strengthen the business The Fresh Connection has developed over many years.
"We believe our partnership will create opportunities for The Fresh Connection which will benefit all stakeholders, including our growers, suppliers, employees and, of course, our customers," he said.