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| Limoneira completes
major New York , New York – May, 2005 Limoneira Company, Santa Paula, CA has completed a strategic transaction valued at $41 million with Calavo Growers, Inc. also of Santa Paula. The transaction aligns Limoneira, the largest U.S. grower of avocados, with Calavo, the largest packer and marketer of avocados in the world. The agreement involved a new issue of Limoneira shares in exchange for new shares of Calavo plus cash and various operating agreements that benefit both companies. Calavo has now moved its headquarters to Limoneira’s office building in Santa Paula. Each company now owns a minority stake in the other and each has agreed to partner on several important strategic business initiatives. Key & Company advised Limoneira in structuring and valuing the transaction with Calavo. Key & Company is an investment bank serving companies in the agriculture and food sector. The firm specializes in raising capital and in mergers, acquisitions and divestitures. The firm’s principals have been involved in more thant 100 transactions raising more than $3 billion for clients. For further information please contact:
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Key & Company - Investment Bankers for Food and Agribusiness Companies
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