Fresh Del Monte Produce Inc.'s North American unit, Del Monte Fresh Produce NA Inc., agreed on Feb. 5 to buy fresh vegetable grower and processor Mann Packing Co. Inc. for $361 million in cash to boost its presence in the segment, Del Monte said Feb. 6.
Del Monte will finance the deal partly with cash on hand and with an existing credit facility. Mann Packing, which also processes and supplies value-added vegetable products in North America, garnered annual sales of about $535 million in 2017, Del Monte said.
The deal, expected to add to Del Monte's earnings in the first year, is scheduled to close during the first quarter of 2018 subject to customary regulatory approvals.
Rabobank was Del Monte's exclusive financial adviser for the acquisition.
