Calavo Growers completes sale of its Fresh Cut business

SANTA PAULA, Calif., Aug. 16, 2024 (GLOBE NEWSWIRE) — Calavo Growers, Inc. (Nasdaq-GS: CVGW), a global leader in the avocado industry, today announced that it completed the sale of its Fresh Cut business (formerly “RFG”) and related real estate to F&S Fresh Foods of Vineland, New Jersey on August 15 for $83 million, subject to various closing adjustments.

“We are pleased to announce that the sale of our Fresh Cut business has been completed, allowing us to now focus on our core avocado and guacamole businesses,” said Lee Cole, President and CEO of Calavo Growers, Inc. “We want to thank the team members of the Fresh Cut business for their hard work and years of service at Calavo and wish them all the best in their transition to F&S. We also want to thank the team at F&S for their cooperation in this transaction. The Fresh Cut business will be in the very capable hands of F&S, an industry leader and one of our long-standing, trusted co-packing partners.

“We look forward to sharing our third quarter results with investors when we announce earnings on September 9, 2024.”

About Calavo Growers, Inc.
Calavo Growers, Inc. (Nasdaq-GS: CVGW) is a global leader in high-quality produce, including avocados, tomatoes and papayas. Calavo products are sold under the trusted Calavo brand name, its own sub-brands, private labels and private labels. Founded in 1924, Calavo is characterized by a strong culture of innovation, sustainable practices and market growth. The company serves the grocery retail, food service, club stores, mass marketers, grocers and wholesalers worldwide. Calavo is headquartered in Santa Paula, California and has processing and packaging facilities throughout the United States and Mexico. Learn more about The Fresh Family™ at calavo.com.

Safe Harbor Statement
This press release contains statements regarding future events and results of Calavo that are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and involve risks, uncertainties and assumptions. These statements are based on our current expectations and are not promises or guarantees. If any of these risks or uncertainties materialize, or if the assumptions prove incorrect, Calavo’s results may differ materially from those expressed or implied by such forward-looking statements and assumptions.

For a discussion of these risks and uncertainties, as well as other risks and uncertainties we face, see the risk factors described in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission, and any subsequent updates that may be included in our Quarterly Reports on Form 10-Q and other filings with the Securities and Exchange Commission. The forward-looking statements contained in this press release speak only as of the date of this press release, and we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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