Sun World Sells Off Land to Focus on Fruit Varieties
Sun World International LLC (Sun World) has announced the sale of leased and owned California farming property to an investor group which has contracted with Sun Pacific to farm the vineyards called Famous Vineyards.
This move triggers a redeployment of resources to Sun World Innovations, the company’s technology, breeding, and licensing business. Sun World is owned by Renewable Resources Group LLC (RRG), a California-based asset management firm specializing in sustainable investing.
“We’re convinced of our team’s limitless potential to break new ground in fruit breeding and genetics,” says Sun World Executive Vice President and head of Sun World Innovations, David Marguleas. “By focusing additional investment on this side of the business, we intend to accelerate growth in a meaningful way.”
The company retains its Sun World brand, global fruit and intellectual property licensing business, and longstanding table grape and stone fruit variety development program. All business entities will be operated as Sun World Innovations at transaction close and will be headquartered in Palm Desert, CA.
Included in the transaction is Sun World’s farmland in California’s San Joaquin and Coachella Valleys. The understanding is that the acquired land will continue to be farmed for table grapes.
“Our understanding that the new owner plans to farm the acreage was critical to us in terms of our colleagues’ continued employment,” says current Sun World CEO, Merrill Dibble, who will stay on to work closely with all parties to manage a smooth transition. “RRG has invested significantly in Sun World. They planted new vines and brought their expertise in operations and sustainability to virtually every aspect of our business. There’s every reason to feel optimistic about the future of this land and the people who’ll farm it.”