Calavo Growers, Inc. (NASDAQ:CVGW) has announced that it has formed majority owned Calavo Salsa Lisa, LLC. The newly formed business has acquired Lisa’s Salsa Company. Pursuant to the terms of the transaction, Calavo owns 65% interest in Calavo Salsa Lisa. The ownership position includes an option to acquire the remaining 35% within the following 81 months. The entity will be integrated into the company’s corporate structure. Lisa Nicholson, Lisa’s Salsa Company will be joining Calavo Salsa Lisa. Her responsibilities will include manufacturing operations, product development, and infusing the branding and marketing efforts with a Salsa Lisa culture. The terms of the transaction were not disclosed.
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Calavo Growers, Inc. (Calavo) procures and markets avocados and other perishable commodities, and prepares and distributes processed avocado products. It markets and distributes avocados, processed avocados and other perishable foods, which allow the Company to deliver fresh and processed food products to food distributors, produce wholesalers, supermarkets, and restaurants. It procures avocados principally from California, Mexico, and Chile. Through its operating facilities in southern California, Texas, New Jersey, Arizona, and Mexico, it sorts, packs, and/or ripens avocados for distribution both domestically and internationally. Additionally, it also distributes other perishable foods, such as Hawaiian grown papayas, and prepares processed avocado products. The Company has two business segments: fresh products and processed products.
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