Dole to sell 65% equity stake in Progressive Produce to PTF Holdings

Dole has announced that it has reached an agreement to sell its 65% equity stake in Progressive Produce to PTF Holdings, the parent company of Pacific Trellis Fruit. PTF Holdings is a portfolio company of Arable Capital Partners will receive gross cash proceeds of $120.25M from this sale. Progressive Produce, located in Los Angeles, California, is a grower, packer, and distributor of conventional and organic produce to the retail, wholesale and foodservice sectors in the U.S. and Canada. Founded in 1967, today the Company is one of California’s premier produce companies with annual sales in excess of $400M. Progressive Produce is a subsidiary of Dole plc and is part of the Diversified Fresh Produce – Americas and Rest of World reporting segment. Post the completion of this transaction, the existing management team of Progressive Produce will remain with the enlarged business of Progressive Produce and Pacific Trellis Fruit and retain an ownership stake. The transaction is expected to close in March 2024, subject to the satisfaction of customary closing conditions. Net proceeds from the sale received by Dole are currently expected to be used primarily for debt reduction.