|Truitt Bros. processes shelf-stable meals for food service.|
MARION, N.Y. — Seneca Foods Corp., a leading supplier of packaged fruits and vegetables, has agreed to acquire a 50% stake in Truitt Bros., Inc., a processor of shelf-stable meals in pouches and trays for food service. Financial terms were not disclosed.
Under the agreement, Seneca has purchased ownership interest and directly related holdings from Peter W. Truitt, a co-founder of the family-owned business, which has operations in Salem, Ore., and East Bernstadt, Ky. In addition, the company has entered into an agreement with David Truitt, president and chief executive officer, and other shareholders that grants Seneca the right to acquire the remaining 50% ownership in the future. Management of Truitt Bros. will remain unchanged.
|David (left) and Peter Truitt operate the third-generation family-owned business.|
“We are pleased with Seneca’s investment into Truitt Bros.,” said David Truitt. “We have known Seneca for years, and share similar backgrounds and interests in food processing. We have high regards for their organization, and we look forward to the future with Seneca Foods being our partner.”
With facilities located through the United States and distribution in more than 90 countries, Seneca Foods said it holds the largest share of the retail private label, food service and export canned vegetable markets. Products are sold under such brands as Libby’s, Aunt Nellie’s, READ, Seneca Farms and Seneca snack chips. The company also provides vegetable products for General Mills’ Green Giant label.Last year, Seneca completed its purchase of Sunnyside, Wash.-based Independent Foods, L.L.C., a privately-held processor of canned pears, apples and cherries. The company also agreed to acquire substantially all of the operating assets of Allens, Inc. for approximately $148 million as part of a “stalking horse bid” for the bankrupt vegetable processor.