Sagent Advisors acted as exclusive financial advisor to Fresh & Easy Neighborhood Markets (“Fresh & Easy”) on the sale of its produce processing facility to Calavo Growers, Inc. (“Calavo”), a marketer and distributor of avocados, prepared avocados and other perishable foods. The facility was purchased as part of Calavo’s plans to expand its place in refrigerated fresh packaged food market.
Calavo’s Renaissance Food Group will operate the plant. Renaissance produces packaged fruits, vegetables and salads and other fresh prepared foods, which have a “just-in-time” order fulfillment demand. Fresh & Easy operated 167 specialty, convenience food retail stores in California, Nevada, and Arizona, providing high quality, healthy, freshly prepared ready-to-eat, ready-to-heat, and ready-to-cook products at affordable prices.
Fresh & Easy also operated a commissary, consisting of three separate assets, including a production kitchen, a meat facility and a produce processing facility, which was sold in this transaction.*