Mission Produce Buys Calavo Growers for $430M

Acquirer: Mission Produce, Inc. (NASDAQ: AVO)

• Sources, farms, packs, markets, and distributes avocados (and also mangoes and blueberries) globally, offering value-added services like ripening, custom packing, logistics, quality assurance, and merchandising support
• Founded in 1983 and headquartered in Oxnard, CA

Acquirer Financial Statistics

• Mkt Cap: $889.0 million
• EV: $1.0 billion
• LTM Revenue: $1.4 billion
• LTM EBITDA: $100.0 million
• LTM EV / Revenue: 0.7x
• LTM EV / EBITDA: 10.0x

Acquirer Advisor(s)

Evercore (financial advisor)
Alvarez & Marsal (business, tax and financial diligence advisor)

Target Company: Calavo Growers, Inc. (NASDAQ: CVGW)

• Sources, packs, and distributes fresh avocados, tomatoes, and papayas and produces guacamole and other avocado products worldwide through its Fresh and Prepared segments under the Calavo brand and multiple trademarks
• Founded in 1924 and headquartered in Santa Paula, CA

Target Financial Statistics

• Mkt Cap: $463.5 million
• EV: $425.8 million
• LTM Revenue: $648.4 million
• LTM EBITDA: $27.1 million
• LTM EV / Revenue: 0.7x
• LTM EV / EBITDA: 15.7x

Target Advisor(s)

Jefferies (financial advisor)
PwC (financial, tax and synergies diligence advisor)

Price/Consideration

$430 million/Cash and stock

Deal Details

Announcement Date

• January 14, 2026

Rationale

• The acquisition is intended to strengthen Mission’s North American avocado position by expanding Mexico/California supply and creating a more vertically integrated, diversified platform, while also entering the high-growth prepared foods segment
• Integrating Calavo into Mission is expected to expand Mission’s Mexico and California footprint—growing its Mexico packinghouse network to four via Calavo’s facilities in Michoacán and Jalisco—strengthening year-round access to high-quality avocados and more consistent global supply for customers
• The transaction is expected to deliver $25 million of annualized cost synergies within 18 months post-close, with meaningful upside potential
• “With this acquisition, we strive to expand our premium avocado position in North America and create a leading global fresh produce platform, which we believe will be well-positioned to capture the increasing demand for fresh, healthy, and convenient foods,” said John Pawlowski, President and COO and CEO-designate of Mission

Deal Points

• Calavo stockholders will receive $27.00 per share (based on the 30-trading day volume weighted average price of Mission common stock for the period ending January 13), comprised of $14.85 in cash and 0.9790 shares of Mission for each share of Calavo
• Upon close, Mission shareholders are expected to own approximately 80.3% of the combined company and Calavo shareholders approximately 19.7%
• The transaction price represents a premium of approximately 26% to Calavo’s 30-trading day volume weighted average price of $21.41