Calavo Growers, Inc acquires 100% of shares from Hawaiian Sweet and 100% of member interests in Hawaiian Pride

New York , New York – May, 2008

Calavo Growers, Inc, Santa Paula, CA has completed a strategic transaction valued at $10 to 14 million with Hawaiian Sweet and CW Hawaiian Pride, LLC. The transaction makes Calavo, the largest packer and marketer of avocados in the world the owner of Hawaiian Sweet and Hawaiian Pride, which together are estimated to process and market 65-70 percent of all Hawaiian-grown papayas and 80 percent of the US mainland supply originating from the islands.

Calavo will directly operate two fresh papaya packing houses along with cooling facilities, papaya and guava puree processing, and electronic beam technology used for cleaning tropical fruits destined for the U.S. mainland. Calavo also gains 750 acres of agricultural land on the Big Island of Hawaii.

Key & Company advised Calavo Growers in structuring and valuing the transaction with Hawaiian Sweet and Hawaiian Pride. Key & Company also provided a fairness opinion letter to the board of directors at Calavo.

Key & Company is an investment bank serving companies in the agriculture and food sector. The firm specializes in raising capital and for its select clients and regularly engages in mergers, acquisitions and divestitures on their behalf. The firm’s principals have been involved in more than 200 transactions raising more than $3 billion for its clients.

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