Calavo Growers completes sale of fresh-cut business

SANTA PAULA, Calif., Aug. 16, 2024 (GLOBE NEWSWIRE) — Calavo Growers, Inc. BB #:113203, a global leader in the avocado industry, today announced that it completed the sale of its Fresh Cut business (formerly “RFG”) and related real estate to F&S Fresh Foods BB #:124667 of Vineland, New Jersey, on August 15 for $83 million, subject to various closing adjustments.

“We are pleased to announce that the sale of our Fresh Cut business has been finalized, which will allow us to focus on our core avocado and guacamole businesses,” said Lee Cole, President and Chief Executive Officer of Calavo Growers, Inc.

“We would like to thank the team members of the Fresh Cut business for their hard work and years of service to Calavo, and we wish them the best as they transition to F&S. We also would like to thank the team at F&S for partnering with us on this transaction. The Fresh Cut business will be in the very capable hands of F&S, a leader in the industry and one of our long-trusted co-packing partners.

“We look forward to sharing our third quarter results with investors when we announce earnings on September 9, 2024.”

About Calavo Growers, Inc.
Calavo Growers, Inc. (Nasdaq-GS: CVGW) is a global leader in high quality produce, including avocados, tomatoes and papayas. Calavo products are sold under the trusted Calavo brand name, proprietary sub-brands, private label and store brands. Founded in 1924, Calavo has a rich culture of innovation, sustainable practices and market growth. The Company serves retail grocery, foodservice, club stores, mass merchandisers, food distributors and wholesalers worldwide. Calavo is headquartered in Santa Paula, California, with processing plants and packing facilities throughout the U.S. and Mexico. Learn more about The Family of Fresh™ at calavo.com.

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