Mission Produce Inc. and Calavo Growers Inc. have entered into a definitive agreement under which Mission will acquire Calavo in a cash-and-stock transaction. The transaction, which values Calavo at a total enterprise value of approximately $430 million, is expected to close by the end of August 2026.

“This acquisition marks an important milestone for Mission and for our industry,” said Steve Barnard, co‑founder and CEO 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 CEO-designate of Mission. “With this acquisition, we strive to expand our premium avocado position in North America and create a leading global fresh produce platform, 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 one of the original avocado companies in North America over 100 years ago, Calavo has evolved into a global purveyor of quality produce. Today, Calavo’s offerings include fresh avocados sourced from California, 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 CEO 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.”

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 January 13, 2026), comprising $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.

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 CEO 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. 

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