Investments

Transaction Highlights Include:

• Calavo To Pack and Market 7 to 10 Million Pounds Annually of Limoneira Avocados, Representing Substantial Incremental Volume Increase
  
• Calavo Relocates Corporate Headquarters to Offices on Limoneira’s Santa Paula Ranch
  
• Limoneira Holdings Include 7,000 Acres of Well-Situated Agricultural Land with Development Prospects
  
• Companies to Consider Developing New Avocado Packinghouse on Limoneira Ranch Land
  
• Complementary Business Segments Offer Synergies, New Platforms for Strategic Initiatives

Under the agreement, Calavo, the global leader in the marketing of fresh and processed avocados and other perishable food products, acquires approximately 15 percent ownership interest in Limoneira, and becomes the company’s single-largest shareholder. Limoneira’s land holdings include 7,000 prime California agriculture acres, principally located in Ventura County, that also afford promising real-estate development opportunities. The 115-year-old international land, farming and food company becomes Calavo’s second-largest shareholder through its newly obtained approximately seven percent equity stake.

The synergies of the alliance become immediately evident. Most significantly, Calavo now packs, markets and distributes an estimated 10 to 20 million pounds annually of avocados grown by Limoneira, which also produces lemons, oranges and other specialty crops. As point of note, Calavo distributes the fresh avocado crops of the world’s two largest growers: Limoneira and the Irvine Company.