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David H. Murdock Completes Dole Food Company Investment Transaction with Total Produce, plc
WESTLAKE VILLAGE, Calif.-Thursday 2 August 2018 [ AETOS Wire ]
(BUSINESS WIRE)-- 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.
Mr. Johan Lindén will remain Dole’s President and CEO, and the management team will also remain in their current roles and continue to lead the organization into the future.
“We are delighted to conclude this very substantial transaction with David Murdock who has been an inspirational and visionary leader since he acquired a majority shareholding in Dole in 1985,” commented Mr. Carl McCann, Chairman of Total Produce. “Dole is one of the world's foremost fresh produce companies and we look forward with great enthusiasm to working very closely together with David and his excellent management team to continue to develop the business in the future.”
The leaderships of both companies agree that Dole customers, growers and partners should expect the same high quality experience they have always had. That will not change with this transaction.
About Dole Food Company, Inc.
Dole Food Company, Inc., is one of the world’s largest producers and marketers of high-quality fresh fruit and fresh vegetables. Dole is an industry leader in many of the products it sells, and is a strong advocate of healthy eating and nutrition education. For more information, please visit www.dole.com.
About Total Produce, PLC
Total Produce is one of the world’s largest and most accomplished fresh produce providers. Operating out of 25 countries while serving many more, Total Produce‘s global infrastructure of over 146 facilities extends across Europe, North and South America and India and includes growing, sourcing, importing, packaging, marketing and distributing over 300 lines of fresh produce. For more information, please visit www.totalproduce.com
Dole Food Company, Inc.
William Goldfield, 818-874-4647
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