Del Monte to Acquire Mann Packing for $361M

Food distributor Del Monte Fresh Produce is acquiring Mann Packing—a grower, processor and supplier of fresh vegetables—for $361 million in a deal the companies said would enhance Del Monte’s growth in value-added products and expand its North America presence.

The transaction is expected to close during the first quarter of 2018, according to a release.

“Mann Packing’s strength in the vegetable category, one of the fastest-growing fresh food segments, will provide us with synergies, enhancing our ability to better serve our combined customers and address consumers’ needs for healthier products,” said Mohammad Abu-Ghazaleh, chairman and CEO of Coral Gables, Fla.-based Del Monte, in a statement. “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.”

Mann Packing’s annual sales were approximately $535 million in 2017, according to the release.

“We share Del Monte’s values and commitment of providing fresh, high-quality, produce-based foods that are nutritious and delicious,” said Lorri Koster, chairman and CEO of Mann Packing, based in Salinas, Calif. “Both our companies have been successful in their own right with their superior quality, service and value to our customers and consumers in all channels throughout North America. This will only be enhanced by combining the business expertise and skills of two of the industry’s premiere organizations.”

Related:Del Monte Fresh Produce Launches Vegetable Noodle Line