Key Points:
- Dole sold its fresh vegetable division to private equity firm Arable Capital Partners for $140 million.
- Dole will retain its facilities in Huron, California, and Yuma, Arizona.
- The initial deal with Fresh Express was terminated due to opposition from the DOJ.
- Dole’s focus will now be on its core business of fresh fruits.
- The sale to Arable Capital will allow Dole to concentrate on its core activities.
Insight:
Dole, known for its fresh fruits, has divested its fresh vegetable division to focus on its core business. The sale to Arable Capital Partners marks a strategic shift for the company, allowing it to streamline its operations and investments. Arable Capital’s expertise in the food and agribusiness sector positions them well to leverage Dole’s fresh vegetable business for mutual growth and innovation.
With this acquisition, Arable Capital gains access to Dole’s extensive network of processing plants and agricultural operations, as well as a skilled workforce of over 3,000 employees. This move aligns with Arable Capital’s existing portfolio of fresh produce companies, enhancing their market presence and collaboration with growers.