Fresh Del Monte (NYSE: FDP) completes ~$285M Del Monte Foods asset acquisition
Rhea-AI Filing Summary
Fresh Del Monte Produce Inc. has completed the acquisition of select assets of Del Monte Foods for approximately $285 million plus certain assumed liabilities. The deal, approved by the U.S. Bankruptcy Court for the District of New Jersey under a Section 363 sale, is funded with a mix of cash on hand and borrowings under Fresh Del Monte’s revolving credit facility.
Through this transaction, Fresh Del Monte acquires key prepared and packaged foods businesses, multiple facilities in the U.S., Mexico and Venezuela, and global ownership of the Del Monte® brand, subject to existing licensing arrangements. An amendment to the asset purchase agreement also updates contract schedules, employee transfer terms, certain assumed liabilities, post-closing intercompany arrangements and Del Monte Foods’ obligations related to a pre-closing cybersecurity incident.
Positive
- Strategic brand reunification: Fresh Del Monte gains global ownership of the Del Monte® brand and key prepared and packaged foods businesses, positioning the company to run a unified fresh and shelf‑stable strategy under a single, globally recognized name.
- Platform and footprint expansion: The approximately $285 million transaction adds multiple manufacturing facilities in the U.S., Mexico and Venezuela and broadens the company’s prepared and packaged foods platform, which may support growth and product innovation.
Negative
- Higher leverage and assumed liabilities: The purchase price of approximately $285 million plus assumed liabilities is funded partly through the revolving credit facility, increasing debt and obligating the company to service additional borrowings.
- Integration and execution risk: The company cites potential challenges integrating Del Monte Foods’ products, technologies and manufacturing processes and notes risks that anticipated benefits from the transaction may not be realized as expected.
Insights
Fresh Del Monte closes a roughly $285 million brand‑reuniting deal that adds assets and debt.
The company has closed the court‑approved acquisition of select Del Monte Foods assets for approximately $285 million, funded by cash and its revolving credit facility. This transaction reunites global ownership of the Del Monte® brand and adds prepared and packaged foods operations across several countries.
Management highlights strategic goals such as a unified global brand strategy and a broader prepared and packaged foods platform. At the same time, the company assumes certain liabilities and increases indebtedness, and acknowledges typical integration challenges, including combining products, technologies and manufacturing processes.
Future disclosures are expected to detail integration progress and financial expectations, including on the first quarter 2026 earnings call. Actual benefits will depend on execution, cost control and the company’s ability to manage additional debt and integration risks while maintaining stable operations in the newly acquired businesses.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported):
(Exact Name of Registrant as Specified in Charter)
| (State or Other Jurisdiction of Incorporation) |
(Commission file number) |
(I.R.S. Employer Identification No.) |
(Address of Registrant’s Principal Executive Office)
(Registrant’s telephone number including area code)
Please send copies of notices and communications from the Securities and Exchange Commission to:
c/o Del Monte Fresh Produce Company
241 Sevilla Avenue
Coral Gables, Florida 33134
(Address of Registrant’s U.S. Executive Office)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class |
Trading |
Name of each exchange | ||
| Item 1.01 | Entry into a Material Definitive Agreement |
On March 19, 2026, Fresh Del Monte Produce Inc. (the “Company” or “FDP”) entered into Amendment No. 1 to the Asset Purchase Agreement (the “Amendment”) with Del Monte Foods Holdings Limited and certain of its affiliates (collectively “Del Monte Foods”) that amended the asset purchase agreement by and between the Company and Del Monte Foods, dated February 6, 2026 (the “Original Asset Purchase Agreement,” and as amended by the Amendment, the “Asset Purchase Agreement”). Terms not defined herein shall have the meaning assigned to them in the Asset Purchase Agreement.
The Amendment amended the Original Purchase Agreement to, among other things, (i) provide for the inclusion of additional contracts in the Purchased Contracts and Excluded Contracts schedules; (ii) update the schedule of Del Monte Foods’ employees that were offered employment by FDP or its designee and clarify the benefits to be provided to such employees, (iii) provide for the assumption of certain additional liabilities by FDP, (iv) clarify the post-closing obligations of the parties with respect to certain intercompany loans and Purchased Entities, (v) confirm the obligations of Del Monte Foods with respect to a pre-closing cybersecurity incident, and (vi) make other non-material revisions.
The foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by the full text of the Amendment, a copy of which is filed as Exhibit 2.1 to this Current Report on Form 8-K and incorporated herein by reference.
| Item 2.01. | Completion of Acquisition or Disposition of Assets. |
Pursuant to the Asset Purchase Agreement, the Company agreed to acquire (i) the prepared and packaged foods businesses of Del Monte Foods comprising canned vegetable, tomato, and refrigerated fruit business assets operated under the Del Monte®, S&W®, and Contadina® trademarks, (ii) four US facilities, two facilities in Mexico, and one facility in Venezuela and (iii) global ownership of the Del Monte® brand, which is subject to existing licensing arrangements across different regions and categories (the “Acquisition”). The Acquisition was completed on March 19, 2026 (the “Closing Date”) and the Company paid $285 plus certain assumed liabilities, funded through a combination of cash on hand and availability under the Company’s revolving credit facility.
A description of the material terms of the Original Asset Purchase Agreement can be found in the Company’s Current Report on Form 8-K filed on February 12, 2026, which description is incorporated by reference herein.
The Company is still evaluating the significance of the Acquisition, and the foregoing disclosure shall not be deemed an admission that the significance of the Acquisition requires it to be disclosed in Item 2.01 or that any financial statements are required to be included herein.
| Item 7.01 | Regulation FD Disclosure. |
On the Closing Date, the Company issued a press release announcing the consummation of the Acquisition. A copy of the press release is furnished herewith as Exhibit 99.1.
The information in this Item 7.01 on Form 8-K and Exhibit 99.1 attached hereto shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended.
| Item 9.01. | Financial Statements and Exhibits. |
(a) Financial Statements of Businesses Acquired
In accordance with paragraph 9.01(a)(3) and the Instructions to Form 8-K, if the Company determines that financial statements are required to be included under Item 9.01(a), the Company will file an amendment to this current report on Form 8-K containing the financial statements required in Item 9.01(a) within the required 71 calendar days from the date that the initial report on Form 8-K was required to be filed in connection with the Acquisition.
(b) Pro Forma Financial Information
In accordance with paragraph 9.01(b)(2) and the Instructions to Form 8-K, if the Company determines that financial statements are required to be included under Item 9.01(b)(2), the Company will file an amendment to this current report on Form 8-K containing the pro forma financial information required in Item 9.01(b) within the required 71 calendar days from the date that the initial report on Form 8-K was required to be filed in connection with the Acquisition.
(d) Exhibits.
| 2.1* | Amendment No. 1 to the Original Asset Purchase Agreement, dated March 19, 2026, by and among the Company and Del Monte Foods (filed herewith). | |
| 99.1 | Press Release dated March 19, 2026 | |
| 104 | The cover page from this Current Report on Form 8-K, formatted in Inline XBRL | |
| * | Schedules and similar attachments have been omitted pursuant to Item 601(a)(5) of Regulation S-K. FDP agrees to furnish a supplemental copy of any omitted schedule or attachment to the SEC upon request. |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Fresh Del Monte Produce Inc. | ||||||
| Dated: March 25, 2026 | By: | /s/ Monica Vicente | ||||
| Monica Vicente | ||||||
| Senior Vice President and Chief Financial Officer | ||||||
Exhibit 99.1
For Information Contact:
Media Contacts:
Havas Formula
freshdelmonte@havasformula.com
Claudia Pou
Vice President, Global Head of Corporate Communications
communications@freshdelmonte.com
Investor Relations Contact:
Christine Cannella
Vice President, Investor Relations
ccannella@freshdelmonte.com
FOR IMMEDIATE RELEASE
Fresh Del Monte Completes Acquisition of Select Del Monte® Foods Assets
Transaction reunites the Del Monte® brand and expands Fresh Del Monte’s prepared and packaged foods platform
CORAL GABLES, Fla. — March 19, 2026 — Fresh Del Monte Produce Inc. (NYSE: FDP) (“Fresh Del Monte” or the “Company”) today announced that it has completed the acquisition of select assets of California-based Del Monte Foods Corporation II Inc. and its affiliates for approximately $285 million. The transaction was approved by the United States Bankruptcy Court for the District of New Jersey following a court-supervised sale under Section 363 of the U.S. Bankruptcy Code and will be funded through a combination of cash on hand and availability under Fresh Del Monte’s revolving credit facility.
The transaction marks a historic milestone for both companies and the broader food industry, bringing the Del Monte® brand under a single owner for the first time in nearly four decades. By aligning fresh and shelf-stable products under a coordinated global strategy, Fresh Del Monte is positioned to unlock the full potential of one of the world’s most recognized food brands and lead the next chapter of the iconic brand. The Company expects the transaction to:
| • | Strengthen brand consistency and identity across categories |
| • | Expand household penetration and consumer reach across more occasions and channels |
| • | Enhance operational efficiency, flexibility, and cost structure |
| • | Support sustainable long-term value creation |
| • | Accelerate innovation across both fresh and packaged platforms |
| • | Introduce new growth avenues through brand extensions and global licensing opportunities |
“Reuniting the Del Monte® brand under one global leader is a truly significant moment for our company. Del Monte has been one of the most recognized names in food for more than 140 years,” said Mohammad Abu-Ghazaleh, Fresh Del Monte’s Chairman and Chief Executive Officer. “While the brand has operated across separate platforms for the past four decades, its heritage has always been rooted in bringing quality food to consumers around the world. Bringing these businesses together allows us to move forward with a unified strategy that strengthens the brand across fresh and packaged categories while creating new opportunities for growth, innovation, and global reach. In many ways, this moment reflects the enduring trust and global recognition the Del Monte® brand has earned over generations and marks the beginning of an exciting new chapter for the brand.”
Under the transaction, Fresh Del Monte will assume certain liabilities and acquire global ownership of the Del Monte® brand, subject to existing licensing arrangements. The Company will also acquire key prepared and packaged foods businesses, including the following brands:
Brands Included
| • | Del Monte® and S&W® packaged vegetable brands |
| • | Del Monte® and Contadina® packaged tomato brands |
| • | Del Monte® packaged refrigerated fruit brand |
Operational Footprint
The acquisition includes a diversified manufacturing and operating footprint across North America and key international markets, including:
| • | Four select U.S. facilities in Texas, Illinois, Wisconsin, and Washington |
| • | Two manufacturing facilities in Mexico |
| • | One operation in Venezuela |
| • | Material customer and supplier contracts, ensuring continuity of service |
| • | Associated inventory, operating assets, and employees |
Assets Not Included in the Transaction
| • | Canned fruit and other ambient packaged fruit and fruit sauce products for the United States, Puerto Rico, and Mexico |
| • | The College Inn® and Kitchen Basics® broth and stock brands |
| • | Physical assets associated with those excluded businesses |
Following the close of the transaction, Fresh Del Monte will house the newly acquired brands and businesses within a dedicated business unit to ensure stability and continuity for customers, retailers, suppliers, growers, and employees. The Company does not expect any immediate changes to products, packaging, or distribution. In the near term, Fresh Del Monte’s priority is maintaining seamless operations across the acquired businesses while taking a measured approach to integration and supporting the experienced teams who have built strong relationships with customers and partners. Additional detail on integration progress and financial expectations will be shared during the Company’s first quarter 2026 earnings call.
Rabobank served as exclusive financial advisor to Fresh Del Monte, with Greenberg Traurig and Dickinson Wright serving as legal advisors.
About Fresh Del Monte Produce Inc.
Fresh Del Monte Produce Inc. is a leading global producer, marketer, and distributor of high-quality fresh, fresh-cut, and prepared fruit and vegetables, with products sold in more than 90 countries worldwide. The company also operates a growing global platform across fresh, refrigerated, and shelf-stable food categories. Fresh Del Monte markets its products worldwide under the DEL MONTE® brand and other recognized brands, a symbol of quality, innovation, freshness, and reliability for more than 140 years. The company owns global rights to the Del Monte® brand, subject to certain existing licensing arrangements. Fresh Del Monte Produce Inc. is not affiliated with certain other Del Monte companies around the world, including Del Monte Asia Pte. Ltd. Fresh Del Monte is the first global marketer of fruits and vegetables to commit to the Science Based Targets initiative. The company has been recognized as one of America’s Most Trusted Companies by Newsweek and named a Humankind 100 Company by Humankind Investments. Fresh Del Monte Produce Inc. is traded on the New York Stock Exchange under the symbol FDP.
Forward-Looking Information
This press release contains certain forward-looking statements regarding the intent, beliefs or current expectations of the Company. These statements include statements that are preceded by, followed by or include the words “believes”, “expects”, “anticipates”, “may” or similar expressions with respect to various matters. Specifically, this press release contains forward-looking statements regarding the Company’s plans and expectations for future performance, including: the expected benefits of the Del Monte Foods acquisition; the Company’s ability to strengthen brand consistency, expand customer reach, enhance efficiency and build a stronger,
more flexible platform focused on innovation and long-term value creation. It is important to note that these forward-looking statements are not guarantees of future performance and involve known and unknown risks and uncertainties and assumptions that may cause the Company’s actual plans and performance to differ materially from those in the forward-looking statements as a result of various factors, including: the occurrence of any event, change or other circumstances under which the anticipated benefits of the Transaction are not realized when expected or at all, including as a result of the impact of, or problems arising from, our inability to successfully execute on our integration strategy, the diversion of management’s attention from ongoing business operations and opportunities, operating costs and business disruption following the Transaction, exposure to potential litigation, our ability to service the additional indebtedness incurred as a result of the acquisition of Del Monte Foods, and challenges associated with the integration of Del Monte Foods’ products, technologies, and manufacturing processes with those of ours. In addition, these forward-looking statements and the information in this presentation and the earnings call are qualified in their entirety by cautionary statements and risk factor disclosures contained in the Company’s Securities and Exchange Commission filings, including the Company’s most recently filed Annual Report on Form 10-K. All forward-looking statements in this presentation are based on information available to us on the date hereof, and we assume no obligation to update such statements.
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FAQ
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Filing Exhibits & Attachments
5 documents