Total Produce buys 45% stake in Dole

Irish company Total Produce announced on February 1st 2018 that it would buy a 45% stake in Dole Foods, in a deal worth US$300 million. Dole, whose management team will remain in place, is one of the world’s largest fresh produce companies. The deal marks a continuation of Total Produce’s expansion strategy. It is understood that in 2017, Total Produce took 65% of British Columbia Oppenheimer Group and in February 2016, it acquired a 65% stake in Progressive Produce, based in Los Angeles. Until now, Total Produce’s banana and pineapple product lines have accounted for only 11% and 1% of its business, but with this latest venture, the make-up of the firm’s portfolio looks set to change.