Fresh Del Monte unit to use credit facility borrowings for buyout

By Sarah Lizee

Olympia, Wash., Feb. 6 – Fresh Del Monte Produce Inc. subsidiary Del Monte Fresh Produce NA, Inc. will use borrowings under its existing credit facility to help fund its acquisition of Mann Packing Co., Inc., according to a press release.

Del Monte entered into a definitive agreement on Monday to acquire Mann Packing for about $361 million.

The transaction is subject to regulatory approvals and is expected to close during the first quarter of 2018.

Cash on hand will also be used to fund the transaction.

“We are extremely pleased about our acquisition of Mann Packing, a leader in the fresh and value-added vegetable category,” Mohammad Abu-Ghazaleh, chairman and chief executive officer of Fresh Del Monte, said in a news release.

“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.”

Fresh Del Monte is a Coral Gables, Fla.-based fruit and vegetable company. Mann Packing is a Salinas, Calif.-based grower, processor and supplier of fresh vegetables.

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