Total Produce Completes $300 Million Dole Investment
Dublin-based Total Produce, Europe’s leading fresh produce company, has completed the acquisition of a 45% equity stake in Dole Food Company for a cash consideration of $300 million, following approval of the deal by the European Commission.
Dole is a US company whose EEA operations are headquartered in Germany. It produces, markets and distributes fresh fruit and vegetables in North America, Europe, Latin America, South Africa and Dubai. Dole is currently controlled by David H Murdock, who will jointly control the company together with Total Produce following the transaction.
Total Produce, headquartered in Ireland, sources, imports, packages and distributes over 300 lines of fresh produce. It operates from 26 countries through a network of 146 operating facilities, including 101 operational facilities in Europe and serves the retail, wholesale and foodservice sectors.
Carl McCann, chairman of Total Produce, comments: “We are delighted to conclude this very substantial transaction with David Murdock who has been an inspirational and visionary leader since he acquired a majority shareholding in Dole in 1985. Dole is one of the world’s foremost fresh produce companies and we look forward with great enthusiasm to working very closely together with David and his excellent management team to continue to develop the business in the future.”
David H Murdock, chairman and owner of Dole, says:”I am excited for the future of Dole in our relationship with Total Produce. They have a long and successful history in the produce industry, and I have complete confidence that as the premier produce brand, Dole will be able to tap that expertise in growing our position worldwide.”
The investment in Dole and its financial contribution will be treated as a joint venture by Total Produce.