Fresh Del Monte Acquires Majority Stake in Avolio, an Avocado Oil Producer, to Further Its Commitment to Specialty Ingredients

Acquisition advances company’s strategy to turn agricultural byproducts into high-value, sustainable ingredients

CORAL GABLES, Fla.--(BUSINESS WIRE)--Fresh Del Monte Produce Inc., (NYSE: FDP) one of the world’s leading vertically integrated producers, marketers and distributors of high-quality fresh and fresh-cut fruit and vegetables, today announces its acquisition of Avolio, Uganda's leading supplier of bulk crude and edible avocado oil. As part of this deal, the company will acquire a majority stake in Avolio, in line with its initiative to expand into high-value specialty ingredients.

The acquisition of Avolio allows Fresh Del Monte to convert avocados into premium avocado oil, driving commercial growth within a key area of the company’s long-term strategy: Specialty Ingredients and Innovation. Avocados are one of the few fruits from which oil can be extracted from the pulp. Avolio leverages this to create value from fruit that cannot be sold whole — reducing food waste and supporting Fresh Del Monte’s commitment to sustainability and the circular economy.

“Acquiring Avolio is a strategic step aligned with our long-term vision to extract greater value across our supply chain while advancing our commitment to sustainability,” said Mohammad Abu-Ghazaleh, Chairman and CEO of Fresh Del Monte. “It complements our newest business division — biomass and specialty ingredients — through which we are transforming agricultural byproducts into high-impact solutions that enhance soil health, support human wellness, and create new applications for a circular economy. These efforts not only reinforce our environmental stewardship, but also position us to compete in higher-margin categories that drive profitable growth and long-term shareholder value.”

The combination of Avolio’s extraction technology — which will be scaled to process 140 metric tons of avocados per day — with Fresh Del Monte’s extensive supply chain expertise positions the two companies to lead the market in delivering high-quality, sustainable avocado oil solutions.

The avocado oil industry is poised for growth — valued at approximately $1.2 billion and growing at a CAGR of 8% to 10%, according to Fortune Business Insights. To further capitalize on this growing industry, Fresh Del Monte plans to expand into other locations through increased production capacity and the development of new facilities to meet the increasing global demand.

ABOUT FRESH DEL MONTE

Fresh Del Monte Produce Inc. is one of the world’s leading vertically integrated producers, marketers, and distributors of high-quality fresh and fresh-cut fruit and vegetables, as well as a leading producer and distributor of prepared food in Europe, Africa, and the Middle East. Fresh Del Monte Produce Inc. markets its products worldwide under the DEL MONTE® brand (under license from Del Monte Foods, Inc.), a symbol of product innovation, quality, freshness, and reliability for over 135 years. The company also markets its products under the MANN® brand and other related trademarks. Fresh Del Monte Produce Inc. is not affiliated with certain other Del Monte companies around the world, including Del Monte Foods, Inc., the U.S. subsidiary of Del Monte Pacific Limited, Del Monte Canada, or Del Monte Asia Pte. Ltd. Fresh Del Monte Produce Inc. is the first global marketer of fruits and vegetables to commit to the “Science Based Targets” initiative. In 2022, 2023, and 2024, Fresh Del Monte Produce was ranked as one of “America’s Most Trusted Companies” by Newsweek based on an independent survey rating companies on three different touchpoints, including customer trust, investor trust, and employee trust. The company was also named a Humankind 100 Company for two consecutive years by Humankind Investments, which recognizes companies that substantially impact areas such as access to food and clean water, healthcare, and digital services. Fresh Del Monte has also been awarded the SEAL Business Sustainability Awards four times in the last five years (2021, 2023, 2024, and 2025). Fresh Del Monte Produce Inc. is traded on the NYSE under the symbol FDP.