Dive Brief:
- Dublin, Ireland-based Total Produce has purchased a 45% stake in Eco Farms, a grower-shipper based in Temecula, CA.
- The deal gives Total Produce the option to acquire a controlling stake in the company, which produces avocados and some Asian fruit varieties.
- News of the transaction came as Total Produce announced a rise in profit in the most recent quarter, despite a decline in revenue resulting from company price cuts.
Dive Insight:
Total Produce, which was spun out of Ireland's Fyffes in 2006, is one of a sort of new style of produce company—one that makes its money from mastering the supply chain and logistics more than mastering fruit and vegetable production. The company operates 90 locations across Europe.
And starting last year, Total Produce became a major player in North America with the purchase of a stake in the Oppenheimer Group.