Del Monte Makes Deal to Acquire Mann Packing
Produce industry powerhouse Fresh Del Monte has entered into a definitive agreement to acquire Salinas, CA-based Mann Packing Co., a longtime leading grower, processor, and supplier of a wide selection of fresh and value-added vegetable products. According to reports, the deal is for an aggregate consideration of approximately $361 million.
Pleased with the prospect of the acquisition, Mohammad Abu-Ghazaleh, Chairman and CEO of Fresh Del Monte, stated: “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.”
The transaction is subject to regulatory approvals and other conditions that are customary for this kind of deal, and is expected to close some time during the first quarter of 2018.
Mann Packing’s annual sales were roughly $535 million in 2017.