Fresh Del Monte Produce to acquire Mann Packing for $361 million
Fresh Del Monte Produce has announced that its North America subsidiary Del Monte Fresh Produce N.A. has entered into a definitive agreement to acquire Mann Packing, a grower, processor, and supplier of a broad variety of fresh and value-added vegetable products.
Fresh Del Monte Produce has announced that its North America subsidiary Del Monte Fresh Produce N.A. has entered into a definitive agreement to acquire Mann Packing, a grower, processor, and supplier of a broad variety of fresh and value-added vegetable products. Mann Packing’s annual sales were approximately $535 million in 2017.
Del Monte will acquire Mann Packing for an aggregate consideration of approximately $361 million in cash. The company expects the acquisition to be accretive to earnings in the first year. The transaction is subject to regulatory approvals and is expected to close during the first quarter of 2018.
“We are extremely pleased about our acquisition of Mann Packing, a leader in the fresh and value-added vegetable category,” said Mohammad Abu-Ghazaleh, chairman and CEO of Fresh Del Monte. “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.”