Calavo Growers, Inc. is a global leader in the packing and marketing of fresh avocados and a provider of other fresh produce and packaged foods. As part of its growth strategy, Calavo is diversifying into complementary product classifications. To that end, Calavo created a new subsidiary to acquire a controlling interest in Lisa’s Salsa Co., an established producer of handmade, fresh salsa products. Renamed Calavo Salsa Lisa, the acquired company would benefit from its new parent’s formidable resources and infrastructure to leverage for growth. For Calavo, Salsa Lisa represented a toehold into the salsa category—the number one condiment in the U.S.—through a high-quality product with outstanding growth potential.
Among other activities, within a 48-hour period, FolFry:
- Drafted announcement news release.
- Developed a transaction fact sheet for use by media, securities analysts and investors outlining key benefits of acquisition.
- Prepared comprehensive food and financial media contact list of 1,000 outlets.
- Merchandised release electronically and to a proprietary FolFry media and securities industry contact list.
- Served as clearinghouse for all media inquiries, coordinating interviews with top-tier national and regional press.
Among other activities, within a 48-hour period, FolFry:
- The transaction received extensive coverage in the Wall Street Journal, Bloomberg News, Associated Press, plus regional coverage in California, the Twin Cities (St. Paul Pioneer Press, Minneapolis Star Tribune and Minneapolis Business Journal), as well as food industry press. All media accounts included two or more transaction key messages.
- In the 30 days after the transaction announcement, Calavo shares rose 13 percent.
- In the nine months following, the company expanded Calavo Salsa Lisa distribution into 2,000 locations from some 200 before the deal.
