Business

Dole completes deal for Progressive Produce stake

Produce company had a 65% stake in California company

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.
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.
Ciara O'Brien
Thu Mar 14 2024 - 12:11

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.

READ MORE
Ciara O'Brien

Ciara O'Brien

Ciara O'Brien is an Irish Times business and technology journalist

Business Today

Business Today

Get the latest business news and commentary from our expert business team in your inbox every weekday morning