Chiquita Brands International has sold its Commerce, CA,-based Progressive Produce Corp. to a group led by Progressive’s management for about $7 million in cash.
Roth Capital Partners LLC’s Managing Director William G. Shaw and Vice President Gerald L. Mars represented the buyout group.
Progressive Produce was founded in 1967 and specializes in potatoes and onions. The company is one of the largest grower/packers in Southern California.
Last year Progressive Produce reported annual sales of $70 million. Product is distributed within California and other western states.
Chiquita Brands reported the sale is part of the company’s efforts to focus on its core business. Chiquita reportedly will use proceeds from the transaction to pay down debt.