RM Investors acquires 20/20 Produce
RM Investors acquires 20/20 Produce
On March 15, RM Investors Inc. announced it is acquiring 20/20 Produce Sales Inc., located in Heyburn, ID. The new company will be known as 20/20 Global Inc. In connection with the acquisition, its directors and shareholders were elected as directors and officers of RM Investors Inc. The new board of directors consists of Mark D. Williams, Robert T. Williams, Tom Wason and Colin Gibson. The board also approved changing the name of the company to 20/20 Global Inc. and use of a new stock symbol reflecting the new name at a later date.
RM Investors Inc. will be acquiring 20/20 Produce Sales Inc. Tom Wason, the company’s president, is seen on the right. The company name is changing to 20/20 Global Inc. (Photo courtesy of Tom Wason)
Operating as 20/20 Produce, the company — which was founded in 1993 — was a grower-packer-shipper of potatoes, onions and apples. President Tom Wason, who spoke with The Produce News regarding the acquisition, said “We are in all major growing areas for potatoes and onions.”
Because of these strategic placements, Wason said the company can meet the needs of its North American customers regardless of their location.
“It helps when we have challenges in specific growing areas,” he commented.
Wason asked about the decision to go public. “[20/20 Produce was] a 20-plus year company that has done well on a daily sales activity basis,” he stated. “We wanted to raise enough capital to expand internally and externally.”
On the internal side, he said the acquisition will allow the new company to hire top talent with a skill set that includes not only foodservice but retail and international sales experience. On the external side, Wason said the venture will allow the new company to expand its current offerings beyond potatoes, onions and apples.
“It’s a market basket offering much greater than today,” he commented.
In addition to an expansion of the company’s product manifest, the deal will allow 20/20 Global to market commodities in other regions.
20/20 Produce Sales Inc. had net sales of $15.9 million and a net profit of $0.4 million in 2013.