Total Produce purchases 45% stake in Dole for 242m euros

Ireland-based fresh produce distributor Total Produce has announced it will acquire a 45% stake in Dole Foods Company for €242 million ($300 million).

Dole is one of the global market leaders in the fresh produce segment, and this agreement brings together two of the biggest companies in this sector. Total Produce stated that the deal represented a “significant step” in its history.

Total Produce purchased the shares from Dole chairman David Murdock, who previously owned 100% of the company after completing a deal with Dole’s former shareholders in 2013.

Murdock will continue in his role of chairman at Dole, while the chairman of Total Produce Carl McCann will assume the role of vice-chairman at Dole.

McCann stated: “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.

“I believe that this investment is the single most positive step in our company’s history. It places Total Produce at the forefront of our industry, and we anticipate it will create significant additional value for shareholders in the years ahead.”

Murdock added: “With great pride I announce the creation of a new partnership between Dole Food Company and Total Produce.

“For many years I have cherished my friendship with the McCann family, and I know that my late friend Neil McCann would be so proud to see his son Carl McCann completing this strategic partnership between our two companies.

“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.”