Global fruit and vegetable firm Del Monte has announced a definitive agreement to acquire Mann Packing, a leading marketer of fresh and value-added vegetable products in North America, for approximately $361 million in cash.
Established in 1939 and based in Salinas, CA, Mann Packing is a leading grower, processor and supplier of fresh vegetables, including washed and ready to eat fresh-cut vegetables, snack packs and party trays, and washed and trimmed lettuce products. The company maintains a brand range including Culinary Cuts, Nourish Bowls, Family Favories, FreshLeaf Farms, Organic Biologique and Snacking Favorites, and reported sales of approximately $535 million in 2017.
In a statement, Del Monte said the deal “enhances Fresh Del Monte’s growth in value-added products and expands [our] North America presence, further diversifying the company”.
Commenting on the deal, Del Monte chairman and CEO Mohammad Abu-Ghazaleh said: “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”.
Source: Del Monte / Mann Packing
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