Total Produce acquires 45% stake in Dole Food Company for $300mn
Europe’s leading fresh produce company Total Produce has announced that it has agreed to acquire a 45% stake in rival company Dole Food Company in a deal worth $300mn.
The merger will create the world’s largest fresh producer company, bringing together Total’s €3.5bn revenue and Dole’s portfolio as the largest supplier of Banana’s across North America and third largest supplier in Europe.
“I believe that this investment by Total Produce in Dole is the single most positive step in our company's history,” said Carl McCann, Chairman of Total Produce. “It places Total Produce at the forefront of our industry, and we anticipate it will create significant additional value for shareholders in the years ahead.”
The Dole management team will continue with business as usual, whilst both Total Produce and Dole will have an equal representation on the company’s Board, led by Dole’s existing Chairman David Murdock.
“Both Dole and Total Produce have a standard of perfection that leads the industry in innovation, together we will further our joint mission of providing the highest quality produce to the world,” Murdock said.