Total Produce acquires 45% stake in Dole for $300m

Irish firm Total Produce has completed its previously announced acquisition of a 45% stake in US-based fresh fruit and vegetables producer Dole Food Company under a $300m deal.

The completion of acquisition, which was initially announced in February, follows the receipt of clearance from the European Commission (EC) last month.

Dole Food Company chairman and owner David Murdock said: “I am excited for the future of Dole in our relationship with Total Produce.

“They have a long and successful history in the produce industry, and I have complete confidence that as the premier produce brand Dole will be able to tap that expertise in growing our position worldwide.

Dole anticipates it will be able to increase its long-term growth prospects and further enhance its ability to serve its customers through the latest development.

Total Produce and Murdock are expected to hold balanced governance rights in Dole following the closing of the transaction.

Total Produce chairman Carl McCann said: “We are delighted to conclude this very substantial transaction with David Murdock, who has been an inspirational and visionary leader since he acquired a majority shareholding in Dole in 1985.

“Dole is one of the world’s foremost fresh produce companies and we look forward with great enthusiasm to working very closely together with David and his excellent management team to continue to develop the business in the future.”

Total Produce’s investment in Dole, as well as its financial contribution, will be treated as a joint venture (JV) and accounted for in the company’s accounts via the equity method under the International Financial Reporting Standards (IFRS) upon completion.