Mission Produce has agreed to acquire Calavo Growers in a cash-and-stock transaction valued at approximately $483 million, combining two of the largest publicly traded avocado producers. The deal will expand Mission’s North American avocado operations by bringing Calavo’s two packinghouses in Michoacán and Jalisco into Mission’s network, increasing Mission’s total Mexican packinghouse footprint to four facilities. Upon closing, Mission shareholders are expected to own roughly 80% of the combined company, with Calavo shareholders holding the remaining 20%.

The transaction creates a vertically integrated fresh-produce platform spanning growing, sourcing, packing, marketing and distribution across avocados, tomatoes, papayas, mangos and blueberries, as well as prepared foods such as guacamole. By uniting Mission’s global distribution network with Calavo’s prepared-foods capabilities and well-established customer relationships, the combined company will be positioned to deliver a year-round, secure supply of high-quality produce. Management expects to leverage the enlarged grower network to improve sourcing security, mitigate seasonal supply troughs and capture growing consumer demand for convenient, health-oriented products.

The acquisition is projected to yield $25 million of annualized cost synergies within 18 months of closing, driven by optimized packhouse utilization and consolidated logistics. The total transaction is structured without reference to share-price benchmarks, valuing Calavo at approximately $430 million in enterprise value. Subject to customary regulatory approvals and shareholder votes, the deal is expected to close by the end of August 2026, under the oversight of incoming CEO John Pawlowski and Executive Chairman Steve Barnard.