Dole Sells Fresh Vegetables Division to Arable Capital

DUBLIN – Dole plc announced that certain of its subsidiaries have completed a sale of Dole’s Fresh Vegetables Division to of Holdco, the parent company of organicgirl LLC, a portfolio company of Arable Capital Partners. 

The consideration for this sale is $140 million, comprising $90 million in cash and a $50 million seller note (collectively the “Purchase Price”), and a $10 million potential earn out. The cash portion of the Purchase Price is subject to customary adjustments for net working capital, cash, and indebtedness. Dole is retaining its facilities in Huron, California and Yuma, Arizona.

The Fresh Vegetables Division comprises operations related to the processing and sale of whole produce such as iceberg, romaine, leaf lettuce, cauliflower, broccoli, celery, asparagus, artichokes, green onions, sprouts, radishes, and cabbage, as well as salads and salad kits. The business has agricultural operations and three processing plants across the United States and employs more than 3,000 people.

Carl McCann, Executive Chairman of Dole plc, said," We are pleased to announce the sale of our Fresh Vegetables Division to Arable Capital. A combination with organicgirl will create a strong platform to realize operational efficiencies and expand the overall offering and service to customers and consumers."

Derek Yurosek, Managing Director of Arable Capital Partners ,said, “With strong brands and presence across multiple channels, as well as strong leadership, Dole Fresh Vegetables is an outstanding addition to our portfolio that is positioned for continued growth and success.”