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Dole plc (NYSE:DOLE) ("Dole" or the "Group") has today announced that it has reached an agreement to sell its 65% equity stake in Progressive Produce LLC ("Progressive Produce" or the "Company") to PTF Holdings, LLC ("PTF Holdings"), the parent company of Pacific Trellis Fruit, LLC ("Pacific Trellis Fruit"). PTF Holdings is a portfolio company of Arable Capital Partners, LLC ("Arable"). Dole will receive gross cash proceeds of $120.25 million from this sale.
Progressive Produce, located in Los Angeles, California, is a grower, packer, and distributor of conventional and organic produce to the retail, wholesale and foodservice sectors in the U.S. and Canada. Founded in 1967, today the Company is one of California's premier produce companies with annual sales in excess of $400 million.
Posted In: DOLE
