ICYMI: Big Deal as Dole Sells Its Fresh Vegetables Division

Dole has announced the sale of its Fresh Vegetables Division to og Holdco LLC, the parent company of organicgirl LLC, a portfolio company of Arable Capital Partners, LLC.

The consideration for the sale is $140 million, comprising $90 million in cash and a $50 million seller note, plus a $10 million potential earn out. The cash portion of the purchase price is subject to customary adjustments for net working capital, cash, and indebtedness. Dole is retaining its facilities in Huron, CA, and Yuma, AZ.

The Fresh Vegetables Division comprises operations related to the processing and sale of whole produce such as iceberg, romaine, leaf lettuce, cauliflower, broccoli, celery, asparagus, artichokes, green onions, sprouts, radishes, and cabbage, as well as salads and salad kits. The business has agricultural operations and three processing plants across the United States and employs more than 3,000 people.

“We are pleased to announce the sale of our Fresh Vegetables Division to Arable Capital,” says Carl McCann, Executive Chairman of Dole. “A combination with organicgirl will create a strong platform to realize operational efficiencies and expand the overall offering and service to customers and consumers. The completion of this sale represents an important strategic milestone for the Group and will enable us to further concentrate our efforts and investments on our core business activities.”

For more information, visit Doleplc.com.