Sun World International, a grower, marketer and breeder of premium produce varieties with a full line of seedless grapes, sweet peppers, stone fruits and other fruits and vegetables, based in Bakersfield, CA, has been acquired by a California-based asset management firm with a focus on agriculture and other sustainable resources.

Renewable Resources Group Inc. purchased Sun World International LLC from Black Diamond Capital Management LLC, an alternative asset management firm based in Greenwich, CT.

The transaction closed Aug. 9 and Sun World operations are continuing unchanged, according to an Aug. 12 press release. Terms of the acquisition were not made public.

Black Diamond purchased Sun World in January 2005, submitting the winning bid of $127.75 million at an auction following the produce firm's emergence from Chapter 11 bankruptcy. The firm has been owned by Cadiz Inc., which purchased it in 1996 after an earlier Sun World bankruptcy.

Renewable Resources Group has been active in Kern County for more than a decade, and has extensive farming operations in Riverside County, both of which are home to significant Sun World operations. About two years ago, RRG purchased approximately 4,000 acres near Blythe, CA, from Sun World.

"For the past eight years, Sun World has benefited enormously from its relationship with Black Diamond," Dave Dever, president of Sun World, said in the press release. "Black Diamond has worked with us to stabilize, grow and cement our place as a leader in the industry. As we continue to grow the company and focus on delivering superior products and services to our customers, a partnership with RRG is exciting. This new partnership will allow Sun World to continue to strengthen and grow alongside its customers."

"Sun World is an extraordinarily valuable company with a strong and experienced management team and first-class employees who deliver famously delicious fruits and vegetables and industry-leading marketing, licensing and research-and-development operations," Ari Swiller, president of Renewable Resources Group, added in the press release. "It's a company we've watched and respected for a long time."

Black Diamond's Christopher W. Parker, who is Sun World's outgoing chairman of the board, added in the press release, "Sun World has been an important portfolio company for Black Diamond, and we are proud to have worked with Dave Dever, the Sun World president and CEO, and his team. We are very proud of what we have all accomplished together, and we are pleased that this acquisition provides Sun World with the opportunity to continue to thrive and build for the future."

"We all know this is the height of the season for Sun World, and so the change in ownership will be swift and seamless, with no change to operations, personnel or administration," Swiller added in the press release. "Sun World's senior executive team will continue in their posts. Employees' job responsibilities and benefit plans will not change. And, most importantly, Sun World will continue to provide its customers and partners with the delicious fresh produce they know and love."