3 Nov 2017 07:00
Total Produce plc
Stock Exchange Announcement
Total Produce acquires 50% of California based "The Fresh Connection"
Total Produce plc, the leading fresh produce company, is pleased to announce that it has acquired a 50% equity stake in California based fresh produce company, The Fresh Connection, LLC. Founded in 1994 and headquartered in Lafayette, California, the company today is one of North America's premier produce export companies with 2016 sales of c. US$ 165 million.
The Fresh Connection is engaged in the year-round distribution and export of a wide range of fresh fruits and vegetables to customers in more than 35 countries. The company serves its customers from operations in four key production regions.
The company partners with a network of trusted growers throughout the US, Mexico, South America, South Africa, and Australia to enable it to provide many varieties of fresh produce, principally citrus, apples, pears, grapes, berries, cherries, and stone fruit, to its customers.
Hank Miller will continue as co-shareholder and CEO of the business and Will Mehrten will continue as President of the Company.
Commenting on the transaction, Carl McCann, Chairman of Total Produce said:
"We are delighted to become shareholders in The Fresh Connection. This transaction further broadens our US presence and provides us with strategic access to other key markets. We look forward to working with Hank, Will and the excellent people in The Fresh Connection as it continues to develop its very successful business expansion in future years."
Commenting on the transaction, Hank Miller, CEO of The Fresh Connection said:
"We are proud to partner with the Total Produce Group. This transaction will further strengthen the business we have developed and grown over many years. We believe our partnership will create opportunities for The Fresh Connection which will benefit all stakeholders, including our growers, suppliers, employees and, of course, our customers."
3rd November 2017
For further information, please contact:
Brian Bell, Wilson Hartnell PR
Tel: +353-1-669 0030
Ivan Murphy, Davy Corporate Finance
Tel: +353-1-679 6363