Mission Produce® Announces Agreement to Acquire Calavo Growers, Expanding North American Avocado Business and Diversifying Portfolio Across Fresh Produce

Transaction seeks to enhance Mission’s position in the North American avocado category with expanded supply across Mexico and California

Vertically integrated platform with sourcing security and produce diversification to better serve customers and grower partners worldwide

Represents entry for Mission into the high-growth and attractive prepared food segment, complementing existing value-add avocado business

Significant value creation opportunity for both Mission and Calavo shareholders with expected cost synergies ofapproximately $25 million within 18 months post-close with meaningful upside potential

Mission Produce, a global leader in sourcing, producing, and distributing fresh avocados, and Calavo Growers, a leading provider of fresh avocados, tomatoes, papayas, and value-added prepared foods such as guacamole, today announced that they have entered into a definitive agreement under which Mission will acquire Calavo in a cash-and-stock transaction (the “Agreement”).

“This acquisition marks an important milestone for Mission and for our industry,” said Steve Barnard,Co‑Founder and Chief Executive Officer of Mission. “By bolstering Mission’s vertically integrated platform and trusted global distribution network with Calavo’s complementary sourcing, prepared foods capabilities, and deep customer relationships, we intend to build a stronger, more diversified company positioned for sustainable growth. When the transaction closes, we believe we will have enhanced scale and a more diversified business model and product portfolio, so that we can deliver even greater value to our customers, growers, employees, and shareholders.”

“We have great respect for Calavo’s heritage as a trusted name in fresh and prepared foods, and are proud to welcome their organization into the Mission network,” said John Pawlowski, President and Chief Operating Officer and Chief Executive Officer-designate of Mission. “With this acquisition, we strive toexpand our premium avocado position in North America and create a leading global fresh produceplatform, which we believe will be well-positioned to capture the increasing demand for fresh, healthy, and convenient foods. In line with our long-term growth strategy, we believe this transaction enhances the value we deliver to our customers, growers, and partners, while reinforcing our commitment to operational excellence.”

Founded as the original avocado company in North America more than 100 years ago, Calavo has evolved into a global purveyor of quality produce. Today, Calavo’s offerings include fresh avocados sourced fromCalifornia, Mexico, Peru, and Colombia; tomatoes; Hawaiian papayas; and a variety of ready-to-eat products such as guacamole and salsas. Its products are sold under the Calavo brand name, proprietary sub-brands, as well as private labels and store brands.

Mission is a leading global supplier of avocados with fully integrated operations, including value-added services such as ripening, packaging, regional distribution, and logistics supported by state-of-the-art infrastructure. The addition of Calavo is expected to create a scaled North American avocado and fresh produce platform well positioned to expand internationally and accelerate Mission’s business model diversification by expanding its presence in the high-growth prepared foods segment following closing. Mission has previously expanded into produce categories including mangos and blueberries, and Calavo’s tomato and papaya offerings further diversify Mission’s produce portfolio. In addition, the combination of both companies’ grower networks positions Mission to enhance supply reliability and sourcing security.

“Over the past century, the Calavo team has built this company into a global leader in the sourcing and distribution of avocados, tomatoes, papayas, and the processing of guacamole and other prepared foods,” said B. John Lindeman, President and Chief Executive Officer of Calavo. “We believe combining with Mission represents a compelling next chapter that will enable our combined business to unlock new growth and expand the impact of our trusted Calavo brand, while also providing our shareholders with compelling value and the opportunity to participate as a shareholder of a global leader in a growing sector. Mission shares our values and our commitment to quality and consistency for customers and growers alike. By joining a larger global platform, we will be better positioned to invest, innovate, and serve the market at scale.”

Strategic Rationale and Transaction Highlights 

• The acquisition is expected to bolster Mission’s premier avocado and fresh produce platform in North America and accelerate global expansion. Bringing Calavo into the Mission network is expected to build onMission’s leading position across the avocado value chain by expanding Mission’s foothold in Mexico and California. Following closing, Calavo’s two packinghouses in Michoacán and Jalisco will expand Mission’s network to four packinghouses in Mexico, increasing access to high-quality fruit from the country that serves as the #1 source of avocados to the US¹. This expanded footprint and robust global distribution network positions Mission to provide a more consistent, year-round supply while supporting continued growth across its global customer base.
• Vertically integrated platform following closing with sourcing security and expanded year-round portfolio across complementary fresh produce categories. Mission has a vertically integrated platform spanning growing, sourcing, packing, marketing, and distribution of avocados and other fresh Upon close, thetransaction is expected to broaden Mission’s existing avocado, mango, and blueberry portfolio into additional fresh produce categories offered by Calavo, including tomatoes and papayas. The produce diversification is expected to enable more efficient utilization of the combined distribution network, improve year-round productivity, and help mitigate seasonal troughs in avocado supply.
• Expected to drive business model diversification with expanded offerings aligned with evolving customer demand. The transaction, once completed, represents Mission’s entry into the high-growth and attractiveprepared food segment, complementing its existing avocado business with Calavo’s value-added, avocado-based prepared foods, such as Following closing, Mission will be positioned to continue benefitingfrom growing consumer demand for convenience, freshness, and better-for-you options.
• Significant value creation opportunity for shareholders with operational synergies expected to drivesignificant EBITDA growth and cash flow generation. The transaction is expected to deliver $25 million of annualized cost synergies within 18 months post-close, with meaningful upside potential.

Transaction Details

Under the terms of the Agreement, Calavo stockholders will receive $27  per share (based on the 30-trading day volume weighted average price of Mission common stock for the period ending Jan. 13, 2026), comprised of $14.85 in cash and 0.9790 shares of Mission for each share of Calavo. Upon close, based on the shares currently outstanding, Mission shareholders are expected to own approximately 80.3 percent of the combined company and Calavo shareholders are expected to own approximately 19.7 percent .

The transaction values Calavo at a total enterprise value of approximately $430 million. The transaction price represents a premium of approximately 26 percent to Calavo’s 30-trading day volume weighted average price of $21.41.

The Boards of Directors of both companies have approved the transaction, which is expected to close by the end of August 2026, subject to the receipt of required regulatory approvals, the approvals of Mission and Calavo shareholders, and the satisfaction of other customary closing conditions.

Governance and Management

Upon close of the transaction, John Pawlowski – who on Dec. 18, 2025 was named Mission’s CEO effective as of the close of Mission’s April 2026 Annual Meeting of Shareholders – is expected to serve as Chief Executive Officer of the combined company. Steve Barnard, who will become Executive Chairman of Mission effective as of the close of the 2026 Annual Meeting, is expected to hold the same title for the combined company. Pursuant to the terms of the Agreement, the Board of Directors of the combined company is expected to be comprised of 10 individuals. Additionally, one director designated by mutualagreement of Mission and Calavo will be appointed to Mission’s Board, subject to the terms and conditions of the Agreement.

The company will be headquartered at Mission’s corporate offices in Oxnard, CA.