Del Monte Fresh Produce has entered into a definitive agreement to acquire California-based Mann Packing, a leading grower, processor and supplier of a broad variety of fresh and value-added vegetable products in North America.
As part of the deal signed yesterday (Feb. 5), Del Monte will acquire Mann Packing for an aggregate consideration of approximately US$361 million.
The transaction is subject to regulatory approvals and other conditions and is expected to close during the first quarter of 2018, the company said.
Mann Packing’s annual sales were approximately US$535 million in 2017.
“We are extremely pleased about our acquisition of Mann Packing, a leader in the fresh and value-added vegetable category,” said Fresh Del Monte CEO Mohammad Abu-Ghazaleh.
“Mann Packing’s strength in the vegetable category, one of the fastest growing fresh food segments, 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.”
Meanwhile, Mann Packing CEO Lorri Koster said everyone at the company was excited with this development.
“We share Del Monte’s values and commitment of providing fresh, high-quality produce based foods that are nutritious and delicious. Both our companies have been successful in their own right with their superior quality, service and value to our customers and consumers in all channels throughout North America.
“This will only be enhanced by combining the business expertise and skills of two of the industry’s premiere organizations.”