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Slide #42. Limoneira Company — Associated Citrus Packers, Inc.
Limoneira Company (NASDAQ:LMNR)
Associated Citrus Packers, Inc.
Limoneira Company, a leading agribusiness with prime agricultural land and operations, real estate and water rights in California, announced that it has completed the acquisition of Associated Citrus Packers, Inc. ("ACP"), a privately owned Arizona corporation for approximately $18.6 million. The purchase price was paid with the issuance of approximately 705,000 unregistered shares of Limoneira common stock with a value of $16.0 million, $1.0 million in cash and the repayment of $1.6 million in ACP's long term debt. ACP will be a wholly owned subsidiary of Limoneira, and several members of ACP's senior management will remain an important part of the management of the combined organization. ACP owns approximately 1,300 acres of property located in Yuma, Arizona, comprised of approximately 950 acres of productive lemon orchards, 350 acres of other crops and facilities and access to the Colorado River for crop irrigation.
Limoneira is an agribusiness and real estate development company. Co.'s operations consist of fruit production, sales and marketing, rental operations, real estate development and capital investment activities. Co. has the following business divisions: agribusiness, which is comprised of the following segment, including fresh lemons, lemon packing, avocados and other agribusiness, as well as its farming, harvesting, lemon packing and lemon sales operations; rental operations, which includes Co.'s residential and commercial rentals, leased land operations and organic recycling; and real estate development, which includes Co.'s real estate development operations.
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