Calavo Growers Acquires Renaissance Food Group

Calavo Growers CVGW today announced that it has signed an agreement for the acquisition of Renaissance Food Group, a closely held fresh-food company that produces, markets and distributes nationally a portfolio of healthy, high quality lifestyle products for consumers via the retail channel. The transaction, which is expected to close on June 1, 2011, is for a combination of cash and stock, including earn-out payments based on financial performance. Terms were not further disclosed. The newly acquired company started in 2003 and experienced 54 percent compound annual growth in sales from inception to 2010. Current-year revenues are projected to exceed $100 million.