Dole Food Company completes investment transaction with Total Produce, plc

02-Aug-2018 - USA

Dole Food Company announced today that owner David H Murdock has completed the sale of a 45% equity stake in Dole Food Company to Total Produce plc, the leading European produce company, headquartered in Dublin, Ireland. This follows the European Commission (the “EC”) approval of the transaction.

"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," said David Murdock. “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."

Total Produce brings strong and knowledgeable industry leadership and produce expertise. The organization differs from many of its peers by virtue of its local and global infrastructure and specifically the distribution capacity and the on-the-ground presence in key growing regions around the world. With this investment, Dole increases it long term growth prospects and further enhances its ability to serve its customers.

Post-closing of the transaction, Total Produce and Mr. David H. Murdock will have balanced governance rights with respect to Dole. The Board of Directors of Dole will comprise six members, three of which are to be appointed by Mr. David H. Murdock (Ms. Janine Peck, Ms. Roberta Wieman and Mr. David H. Murdock) and three be appointed by Total Produce (Mr. Carl McCann, Mr. Rory Byrne and Mr. Jimmy Tolan).

Mr. David H. Murdock will continue as Chairman of Dole and Mr. Carl McCann will be appointed Vice Chairman. Major decisions will require consent of at least one Board Member appointed by each of Total Produce and Mr. David H. Murdock.

https://www.yumda.com/en/news/1156725/dole-food-company-completes-investment-transaction-with-total-produce-plc.html