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Fairness Opinion Detail

CVGW FOOpen source

Calavo Growers, Inc. to Mission Produce, Inc.

Packaged Foods/Jan 2026/Jefferies

Deal Information

Target
Calavo Growers, Inc.
Acquiror
Mission Produce, Inc.
Sector
Packaged Foods
Target Type
Public
Acquiror Type
Strategic
Advisors
Jefferies

Transaction Metrics

Enterprise Value
$429M
EV / LTM Sales
EV / LTM EBITDA
10.6x
EV / Fwd EBITDA

Advisor Transaction Comparables

Comparable transactions cited by the advisor, excluding the subject transaction.

Advisor: Jefferies

EV / LTM EBITDA selected range: 9.0x - 12.0x

17 comps
Dec 2025SafcoUnifrutti----
Aug 2025Dole plc (Fresh Vegetables Division)Arable Capital Partners, LLC----
Apr 2025Greenyard NVDeprez Family--4.6x-
Aug 2024Cheney Bros, Inc.Performance Food Group Company--13.0x-
Mar 2024Agrovision
EV / LTM EBITDA disclosed as Confidential in source document.
Aliment Capital / Investor Consortium----
Feb 2024Progressive Produce, LLCArable Capital Partners, LLC----
Jan 2024Ingomar Packing Company, LLCKagome Co., Ltd----
Sep 2023Costa Group HoldingsPaine Schwartz Partners--10.9x-
Dec 2022Bollo International FruitsThe Natural Fruit Company (Fremman and GPF Capital)--10.0x-
Nov 2022AgroFresh Solutions, Inc.Paine Schwartz Partners--9.1x-
Feb 2021Dole Food Company, Inc.Total Produce plc--7.7x-
Oct 2019Citri&Co
EV / LTM EBITDA disclosed as Confidential in source document.
Miura Private Equity (Frutas)----
Feb 2018Mann PackingFresh Del Monte Produce----
Dec 2016Fyffes plcSumitomo Corporation--10.8x-
Oct 2014Chiquita Brands International plcGrupo Cutrale / Safra Group--11.4x-
Aug 2013Dole Food Co.David H. Murdock--12.2x-
Sep 2012Dole Food Co. (Worldwide Packaged Foods / Asia Fresh Produce)Itochu Corporation--9.0x-
Mean-9.9x-
Median-10.4x-

DCF Assumptions

Discount rate and terminal value assumptions the advisor selected for its discounted cash flow analysis.

Jefferies

Open
WACC
9.5% – 10.5%
Terminal method
Perpetuity growth
Terminal assumption
2.0% – 3.0%
Forecast basis
Calavo Forecasts furnished to Jefferies
Forecast period
fiscal years ending October 31, 2026 through October 31, 2030
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