The Company has signed a Letter of Intent and accepted a counter offer from the seller to acquire C&D Fruit and Vegetable Company, an agriculture company in Florida, U.S.A. for a combination of 81% in cash and 19% in stock.
TCA Global Master Credit Fund, LP has agreed to fund the cash component of this transaction from the $15 million acquisition credit facility and the balance will be paid in the Company’s stock. The Company is in the process of completing the due diligence review of C&D in order to enter into a definitive Sale and Purchase Agreement for the closing of this transaction.
C&D has been in business for three decades and is one of the finest grower/packer/shipper operators in Southeastern U.S., with average annual revenues of approximately $25 million. This company markets all types of southern produce and ships various products on a year-round basis, depending on the specific commodity and growing season.
All facets of the growing, harvesting and shipping process are managed to maintain the highest quality and safety standards. Its systems and continual cold chain provide longer shelf life, reduced inventory shrink and better tasting fruits and vegetables to customers.
We expect to double or even triple the annual revenues of C&D with new organic nutrient and water treatment systems.
More information, please visit http://www.cdveg.com/