Del Monte to acquire Mann Packing for $361m
Food acquisition news : Fresh Del Monte Produce says that Del Monte Fresh Produce N.A., its North America subsidiary has struck a deal to acquire Mann Packing, a California-based supplier of supplier of fresh cut veggies for a sum of $361 million.
Mann Packing grows, processes and supplies a wide range of vegetable products across North America. In 2017, the company made sales of around $535 million.
Del Monte acquisition of Mann Packing is expected to help in boosting the growth of Fresh Del Monte Produce in value-added products while expanding its footprint in North America.
Commenting on Del Monte acquisition of Mann Packing, Mohammad Abu-Ghazaleh – Chairman and CEO of Fresh Del Monte, said: “Mann Packing’s strength in the vegetable category, one of the fastest growing fresh food segments, will allow us to diversify our business, leverage our distribution network and infrastructure and increase our market reach.
“In addition, this transaction will provide us with synergies, enhancing our ability to better serve our combined customers and address consumers’ needs for healthier products.
“This acquisition is a significant step toward our goal to be the world’s leading supplier of healthful, wholesome and nutritious fresh and prepared food and beverages for consumers.”
Company announcement. Photo courtesy of Stuart Miles at FreeDigitalPhotos.net.
The Del Monte acquisition of Mann Packing is anticipated to be completed during the first quarter of 2018, subject to receipt of regulatory approvals and satisfying other conditions.
Headquartered in Coral Gables, Florida, Fresh Del Monte produces fresh and fresh-cut fruit and vegetables and is also a producer and distributor of prepared food across the world.
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