Total Produce to acquire significant stake in Dole Food

Irish fresh produce firm Total Produce has entered a binding agreement with the owner and chairman of the US-based Dole Food Company (Dole) to acquire 45% stake in the company for $300m.

Headquartered in California, US, Dole has been producing and marketing its fresh produce, including fresh fruit and vegetables, across the globe.

The acquisition is reported to be in line with the Total Produce’s strategy to expand its footprint in the global market.

Total Produce chairman Carl McCann said: “We are delighted to have signed an agreement with Dole, long held in the highest regard as one of the world’s best fresh produce companies, with iconic brands dating back to 1851.

“We are particularly pleased to be partnering with David Murdock who has been an inspirational and visionary leader since he acquired a majority shareholding in Dole in 1985.

“I look forward with great enthusiasm to working very closely together with David and his superb management team to continue to expand the business in the future.”

Upon completion of the deal, Total produce intends to retain the existing Dole management team, where Murdock will continue to be chairman of the company, while Carl McCann will serve as the vice-chairman.

Murdock said: “Both Dole and Total Produce have a standard of perfection that leads the industry in innovation.

“Together, we will further our joint mission of providing the highest quality produce to the world.”