Fresh Del Monte Produce Inc. (NYSE: FDP) has agreed to acquire vegetable distributor Mann Packing Co. for $361 million in cash. The purchase will expand Fresh Del Monte's U.S. presence.
Salinas, California-based Mann Packing grows, processes and distributes fresh vegetables. The target also sells snacks packs and party trays. Mann Packing has about $535 million in annual sales.
“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," says Fresh Del Monte CEO Mohammad Abu-Ghazaleh. Fresh Del Monte is making the acquisition through its Del Monte Fresh Produce NA North American subsidiary. Rabobank is advising Fresh Del Monte.
Fresh Del Monte, located in Coral Gables, Florida, produces and sells fresh fruit and vegetables. The company also sells packaged food products across Europe, Africa and the Middle East. Fresh Del Monte is best known for the best Del Monte brand.
In other recent food-related deals, Castanea Partners made an investment in Greek frozen yogurt maker Yasso; Gryphon Investors purchased Atlanta Cheesecake; and Nomad Foods Ltd. (NYSE: NOMD) has reached an agreement to purchase Green Isle Foods, owner of GoodFella’s Pizza, for approximately $311 million.