Reuters — Mastronardi Produce, an Ontario grower and distributor of hothouse tomatoes, peppers and cucumbers, is exploring a sale it hopes could value it at as much as $900 million, including debt, according to people familiar with the matter.
Privately-held Mastronardi has hired Bank of Montreal (BMO) to run an auction process, the people said this week, asking not to be identified because the matter is confidential.
Mastronardi has annual earnings before interest, taxes, depreciation and amortization (EBITDA) of around $88 million, one of the people added.
Mastronardi Produce and BMO did not respond to requests for comment.
A fourth generation, family-owned company, Mastronardi was founded in the 1940s by Umberto Mastronardi. The Kingsville, Ont.-based company utilizes greenhouse technology in its facilities and sells its products under the Sunset brand.
Other competitors in the space include Delta Produce, Village Farms International and Pacific Tomato Growers.
— Reporting for Reuters by Lauren Hirsch and Greg Roumeliotis in New York.