Virginia-based leaf tobacco supplier Universal Corp. said Jan. 3 that it completed its acquisition of fruit and vegetable ingredient processor FruitSmart.
Financial terms of the transaction were not disclosed.
Universal said the move provides the company a new growth opportunity in adjacent industry and will also help it build a broader agri-products services platform. It funded the transaction with cash on hand and existing borrowing capacity.
FruitSmart is based in Yakima Valley, Wash., where it has two manufacturing facilities and around 200 employees. The business supplies a range of juices, concentrates, blends and seed powders to food, beverage and flavor companies across the U.S. and globally through value-added processing of different fruit and vegetable products.