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Dole has reached an agreement to sell its 65% equity stake in Progressive Produce to PTF Holdings, a portfolio company of Arable Capital Partners, for a sum of $120.25 million. Located in Los Angeles, California, US, Progressive Produce serves as a grower, packer and distributor of both conventional and organic produce to the retail, wholesale and foodservice markets across the US and Canada. Founded in 1967, the business is said to have evolved into "one of California's premier produce companies," with annual sales surpassing $400 million. Following the conclusion of this transaction, the current Progressive Produce management team will remain on board with the enlarged business of Progressive Produce and Pacific Trellis Fruit. Additionally, they will maintain an ownership stake in the business. Carl McCann, executive chairman of Dole, said: “We are pleased to announce the sale of our equity interest in Progressive Produce to Arable Capital Partners. Since our initial investment in 2016, the business has been a strong performer within our Group." "...The proceeds from this sale will further strengthen our financial position and enhance the group’s focus on, and investments in, our core activities.” Derek Yurosek, managing director of Arable Capital Partners, added: “Arable is thrilled about the opportunity to partner with Progressive Produce. The company is a leader in top produce categories and has an impressive and diversified customer base, as well as an exceptional team. We look forward to helping Progressive Produce continue to deliver outstanding products and service to its retail, wholesale and foodservice customers." "While Progressive Produce and Pacific Trellis Fruit will continue to operate independently, we are excited about the chance for them to work together to continue to grow their businesses and ultimately bring even greater value to their grower partners and customers. This is a fantastic outcome for everyone involved.” The transaction, which is expected to close next month, is subject to the satisfaction of customary closing conditions. Dole expects that the net proceeds from the sale will primarily be directed towards reducing debt.