Apr 8, 2016Munger Brothers, Hortifrut to merge
Naturipe Farms partners, Munger Brothers and Hortifrut, have signed a memorandum of understanding to merge the Munger’s berry business with Hortifrut. As a result of this merger, a consolidated global berry organization will be formed with operations in British Columbia, Washington, Oregon, California, Mexico, Peru, Brazil, Argentina, Chile, Europe, Africa and Asia.
“Munger-Hortifrut North America, Inc.” will be a new subsidiary of Hortifrut and manage their North American berry operations.
“This integration will provide greater synergies and capabilities to the entire Naturipe Farms organization; implementing exciting new berry development projects with a focus on proprietary varieties,” Naturipe Farms CEO Dwight Ferguson said. “This merger will continue to expand Naturipe’s sourcing and distribution of North and South American grown berries.”
The merger is subject to various conditions, including without limitation, successful due-diligence, Hortifrut shareholder approval, and receipt of various third party approvals. The parties contemplate the merger will be accomplished during the fourth quarter of 2016.