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Fresh Produce

Total Produce to Merge with Dole and Move Listing to US

By Maev Martin
Total Produce to Merge with Dole and Move Listing to US

Fresh produce company Total Produce is to combine with the Dole Food Company and will move its listings from Dublin and London to the US.

The combined company, operating under the Dole brand, will be incorporated in Ireland, with its global headquarters in Dublin and the headquarters for the Americas in Charlotte, North Carolina.

Significant Revenue Synergies

In a statement, Total Produce said the deal will simplify the existing structure between the two companies by unifying Dole and Total Produce under common ownership.

It said the deal will create the potential for significant revenue synergies and cost efficiencies and a platform to pursue growth from a broader set of available commercial opportunities.

Under the terms of today's deal, Total Produce shareholders will receive 82.5% of Dole plc shares.


Shareholders of Castle & Cooke, which own a 55% interest in Dole's parent company (Dole Holdings), will receive 17.5% of Dole plc shares.

Global Leader in Fresh Produce

In connection with today's deal, the company said it intends to raise $500-700 million in equity capital to strengthen and de-lever the combined balance sheet.

After the deal is complete, Dole will be the biggest fresh produce company in the world with estimated combined 2020 revenue of about $9.7 billion, adjusted EBITDA of approximately $379 million and total assets of about $4.5 billion.

The management teams of Total Produce and Dole, with combined experience of over 150 years in the fresh produce sector, will continue to operate the combined business.

Total Produce said the deal is subject to approval by Total Produce shareholders, regulatory approvals, market conditions and customary conditions.


In 2018, Total Produce agreed to buy a 45% stake in Dole Food Company - one of the world's biggest fresh fruit and vegetable companies - for €300 million.

Carl McCann, chairman of Total Produce, said the transaction combines two highly complementary premium businesses to create the global leader in fresh produce.

© 2021 Checkout – your source for the latest Irish retail news. Article by Maev Martin. Click sign up to subscribe to Checkout.

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