(Westlake Village, Ca) Dole Food Company, Inc., announced today an agreement to sell Saba Fresh Cuts AB and Saba Fresh Cuts OY to BAMA International.
Saba Fresh Cuts AB—with production facility in Helsingborg Sweden—and Saba Fresh Cuts OY—with production facility in Espoo Finland—are producers of washed and ready-to-eat salads. The companies prepare and sell various fresh-cut salads and vegetables to the retail and foodservice industry in Sweden, Denmark, Finland, Germany and the Baltic States.
Dole had originally invested $90 Million for 60% stake in Saba Trading in 1998 when it had 40% market share in Sweden and $500M in revenues. In 2005, Dole purchased the remaining portion of the business.
The sale of Saba Fresh Cuts AB was a necessary condition of the European Commission’s approval of the investment by Total Produce into Dole in July 2018.
“I am very pleased with the outcome of this sale in meeting the EU’s requirement,” said Mr. Johan Linden, President and Chief Executive Officer of Dole Food Company, “and I am confident that Saba Fresh Cuts will be in good hands under BAMA’s ownership.”
“We are pleased to announce this agreement with Dole for Saba Fresh Cuts. Convenience products and ready-to-eat salads and vegetables is a fast growing category in all markets, and Saba Fresh Cuts is a solid and very professional player, with a strong organization and high-quality products. We look forward to working together,” added Rune Flaen, Chief Executive Officer of BAMA Group.
This transaction is expected to close in Q1 2019 and is subject to approval by the European Commission. Dole was advised by investment bank and financial services company Houlihan Lokey in this transaction.
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