Landec Corp. acquires GreenLine Foods with midstate facilityBrent Burkey
An Ohio-based green bean company with a primary production facility in the Hanover area has been acquired by the wholly owned food subsidiary of California-based Landec Corp., according to a news release.
GreenLine Foods Inc. processes and distributes fresh, trimmed green beans to retail and food service customers, the release stated. Landec is a developer and marketer of patented products for food, agricultural and biomedical applications, according to the release.
Its subsidiary, Apio Inc., acquired GreenLine from global private equity firm The Riverside Co. and paid $63 million in cash for all outstanding equity interests with no assumed debt, the release stated.
The agreement includes future earn-out potential for Riverside of up to $7 million based on GreenLine achieving certain financial targets in the 2012 calendar year, according to the release.