Dole to Sell Progressive Produce to Arable Capital

Dow Jones02-28

By Stephen Nakrosis

Dole said it reached an agreement to sell its 65% equity stake in Progressive Produce to PTF Holdings.

PTF Holdings is the parent company of Pacific Trellis Fruit and a portfolio company of Arable Capital Partners, Dole said. Based in California, Progressive Produce grows, packs and distributes conventional and organic produce to retailers, wholesalers and foodservice providers in the U.S. and Canada.

Dole said gross cash proceeds from the sale would be $120.25 million, which is currently slated mostly for debt reduction. The deal is expected to close in March.

Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

(END) Dow Jones Newswires

February 27, 2024 18:25 ET (23:25 GMT)

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