GreenFruit Avocados, a California-based avocado supplier, has been acquired by a consortium of “industry veterans”.
The acquiring group comprises Scott Bauwens and Jamie Johnson, partners in another California-based avocado grower, Simpatica.
They are joined by a former executive at US-based fruit grower and supplier Mission Produce, Jim Donovan, along with Spanish investment company Tahuaycani.
The investor has ties to Peru-based avocado producer Agrícola Cerro Prieto (ACP Agro), according to a statement.
The buyers acquired 100% of GreenFruit through a newly formed holding company, Last Mile. The acquisition will also be supported by an investment fund managed by New York-based Ospraie Management.
Financial terms of the transaction were not disclosed.
Customer and grower relationships and contracts will remain “a top priority” for all entities in the transaction, GreenFruit said.
Under the new ownership structure, Bauwens will step down as CEO of Simpatica to become GreenFruit’s full-time chief executive.
Donovan, who spent 36 years at Mission Produce and most recently served as senior vice president of global sourcing, has been appointed executive chairman of the board.
Brian Gomez, one of GreenFruit’s original owners, will continue as president of sales.
The new CEO Bauwens said: "This is industry-savvy ownership with real grower relationships in a vertically integrated model. We understand this business from the ground up.
"For growers, that means a financially stronger partner who knows their world. For retailers and distributors, that means a team with the credibility and the supply depth to deliver on what we promise."
Founded in 2014, GreenFruit is engaged in avocado ripening, cold storage and logistics services. The company said its ripening and distribution network spans Southern California, Texas, Chicago, Miami, Pennsylvania, Toronto and Vancouver.
Mexico will remain a “core foundation” of its sourcing model.
The company's headquarters will remain in Orange County, California, while it intends to expand supply operations across South America, California, Mexico and Europe.
GreenFruit added Tahuaycani’s “connection to ACP Agro” is expected to add scale and year-round sourcing from Peru, while Simpatica’s roughly 1,400 acres of California groves in Ventura, Santa Barbara and Riverside counties will provide domestic growing capacity.
The announcement comes amid consolidation in the avocado category.
Earlier this year, Mission Produce struck a deal to acquire fellow California avocado supplier Calavo Growers. The transaction valued Calavo at around $430m.
