Posts Tagged “Prima Wawona”
Prima Wawona of Cutler, CA, the largest stone fruit producer in California’s Central Valley, filed for Chapter 11 bankruptcy protection recently, hoping to facilitate the sale of the company.
The company pointed the filing at “significant headwinds, including increased costs and weather-related impacts, that have combined to make our existing capital structure unsustainable.”
Reuters reports that the company, owned by private equity firm Paine Schwartz Partners, has about $679 million in debt, and plans to sell its business in bankruptcy, according to bankruptcy court documents.
Prima farms peaches, nectarines, plums, and apricots on its 18,000 acres in California’s San Joaquin Valley.
If no buyer emerges, Prima will pivot to a debt restructuring or a liquidation of its business, according to court documents.
The company was formed from a 2019 merger of Gerawan Farming Inc. and Wawona Packing Company. The company had over $300 million in sales revenue in 2022, with 60% of that coming from the sale of peaches, according to court documents.
Fresno, CA – Prima Wawona, the world’s leading grower and marketer of conventional and organic peaches, nectarines, plums, and apricots recently announced that it is expanding its acreage by another 2600 acres devoted to growing Stone Fruit. The new acreage increases the company’s total to almost 15,000 acres, equating to 1.0 million additional Stone Fruit trees, and further establishes Prima Wawona as the leading Stone Fruit grower in the world.
“As industry leaders, this investment represents an ongoing commitment to the growth and development of the Stone Fruit category and will help us achieve our long-term objectives. It will allow Prima Wawona to expand its ability to grow, harvest, pack and ship the healthiest, most delicious, highest quality Stone Fruit” said Eric Beringause, Chief Executive Officer of Prima Wawona.
“We look forward to building our partner relationships with valued retail and wholesale customers across North America and around the world by providing additional product for their shoppers who acknowledge and appreciate Prima brands as the best Stone Fruit available” said Kevin J. Kollock, Chief Commercial Officer. “Additional Stone Fruit will also provide selling opportunities with new customers who may not have experience with our superior products”. Kollock added that “our expansion will put Prima Wawona acreage at a total approaching double the peach acreage of all of Georgia, a state known for peaches”.
Prima Wawona has been involved in breeding & growing Stone Fruit for generations. The company is known for its unrivaled quality and consistency across multiple varieties. Prima Wawona is committed to quality control, unwavering attention to food safety, and ongoing research and development. The 2,600-acre expansion is on top of approximately 1,000 acres that are redeveloped and replanted with new trees every year as older plantings age out of production and further reflects the company’s commitment and investment in Stone Fruit.
“This expansion is an exciting opportunity for our team, customers, and ultimately consumers” said Mark Murai, Senior Vice President of Agricultural Operations. “We are the best in the industry in understanding what it takes to deliver the finest Stone Fruit available. That commitment to excellence includes our extensive proprietary breeding program and development of new, innovative varieties in both conventional and organic fruit that this additional acreage will provide”. Murai added that “as a company we are focused on sustainable farming practices and will be utilizing cutting-edge water management technology on all of our new & redevelopment acreage”.
For more information, please email the Prima Wawona Team at info@prima.com.
About Prima® Wawona:
Prima® Wawona is the largest producer of stone fruit in the U.S. Based in the heart of California’s central San Joaquin Valley.