Dole plc recently completed the sale of its Fresh Vegetables Division to og Holdco LLC, the parent company of organicgirl LLC, which is a portfolio company of Arable Capital Partners LLC.

The consideration for this sale is $140 million, comprising $90 million in cash and a $50 million seller note, as well as a $10 million potential earnout. The cash portion of the purchase price is subject to customary adjustments for net working capital, cash and indebtedness. Dole is retaining its facilities in Huron, Calif., and Yuma, Ariz.

Dole’s Fresh Vegetables Division comprises operations related to the processing and sale of whole produce, such as iceberg, romaine, leaf lettuce, cauliflower, broccoli, celery, asparagus, artichokes, green onions, sprouts, radishes and cabbage, as well as salads and salad kits. The business has agricultural operations and three processing plants across the United States and employs more than 3,000 people.

“We are pleased to announce the sale of our Fresh Vegetables Division to Arable Capital,” says Carl McCann, executive chairman of Dole plc. “A combination with organicgirl will create a strong platform to realize operational efficiencies and expand the overall offering and service to customers and consumers.”

“The completion of this sale represents an important strategic milestone for the group and will enable us to further concentrate our efforts and investments on our core business activities,” McCann adds. “We would like to thank the dedicated management and employees of the Fresh Vegetables business for their valuable contributions and commitment over the years.”

“With strong brands and presence across multiple channels, as well as strong leadership, Dole Fresh Vegetables is an outstanding addition to our portfolio that is positioned for continued growth and success,” says Derek Yurosek, managing director of Arable Capital Partners.