Produce company Dole has completed the sale of its 65 per cent stake in Progressive Produce to PTF Holdings in a deal worth more than $120 million (€109 million) in cash.

The net proceeds from the sale are expected to be used for debt reduction.

The sale of the Dole subsidiary was announced at the end of February. As part of the deal, the existing management team of Progressive Produce will remain in place and retain an ownership stake.

Founded in 1967, California-based Progressive Produce is a grower, packer, and distributor of produce to the retail, wholesale and foodservice sectors in the US and Canada. The California-based company has annual sales of more than $400 million.

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