CORAL GABLES, Fla.--(BUSINESS WIRE)--Fresh Del Monte Produce Inc. (NYSE: FDP) (the “Company”) announced today
that on February 26, 2018 its North America subsidiary, Del Monte Fresh
Produce N.A., Inc. completed its previously announced acquisition of
Mann Packing Co., Inc. (“Mann Packing”), an award-winning innovator and
leading grower, processor and supplier of a broad variety of fresh and
value-added vegetable products in North America. The aggregate purchase
price for Mann Packing was approximately $361 million funded by cash on
hand and borrowings under the Company’s existing senior unsecured
revolving credit facility (the “Credit Facility”). The Company expects
the acquisition to be accretive to earnings in the first year.
In addition, the Company also announced today that on February 27, 2018,
the Company and certain of its subsidiaries exercised an option to
increase the revolving borrowing capacity of the Credit Facility from
$800 million to $1.1 billion. All other terms of the Credit Facility
substantially remained the same. The Credit Facility banks include Bank
of America, N.A. as the administrative agent and a lender and Merrill
Lynch, Pierce, Fenner & Smith Inc. as sole lead arranger and sole book
manager.
About Fresh Del Monte Produce Inc.
Fresh Del Monte is one of the world’s leading vertically integrated
producers, marketers and distributors of high-quality fresh and
fresh-cut fruit and vegetables, as well as a leading producer and
distributor of prepared food in Europe, Africa and the Middle East.
Fresh Del Monte markets its products worldwide under the Del Monte®
brand, a symbol of product innovation, quality, freshness and
reliability for more than 125 years.
Forward-looking Information
This press release contains certain forward-looking statements
regarding the intents, beliefs or current expectations of the Company or
its officers with respect to various matters. These
forward-looking statements are based on information currently available
to the Company and the Company assumes no obligation to update these
statements. It is important to note that these forward-looking
statements are not guarantees of future performance and involve risks
and uncertainties. The Company's actual results may differ
materially from those in the forward-looking statements as a result of
various important factors, including those described under the caption
“Key Information - Risk Factors” in Fresh Del Monte Produce Inc.'s
Annual Report on Form 10-K for the year ended December 29, 2017, along
with other reports that the Company has on file with the Securities and
Exchange Commission.
Note to the Editor: This release and other press releases are available
on the Company’s web site, www.freshdelmonte.com.