Limoneira Company is a leading agribusiness with prime agricultural land and operations, water rights and real estate in California. Today, the company announced that it had completed its acquisition of Associated Citrus Packers Inc (ACP). The latter is a privately owned Arizona corporation. The acquisition deal was priced around USD18.6 million.
The deal was paid through a combination of cash and unregistered shares. Limoneira paid USD1 million cash and issued around 705,000 unregistered shares of Limoneira common stock. The unregistered shares were valued USD16 million. The price of the deal also included repayment of ACP's debt amounting to USD1.6 million.
ACP would now become a wholly subsidiary of Limoneira. Several senior members of Associated Citrus Packers management team would remain in the company. ACP owns approximately 1,300 acres of property located in Arizona. The agricultural land owned by ACP includes 950 acres or productive lemon orchard, 350 acres of other crops and facilities. ACP also has access to the Colorado River for crop irrigation.
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