Private equity firm Black Diamond Capital Management has exited Sun World International by selling the fresh produce company to asset manager Renewable Resources Group for a return of better than three times.
The parties did not disclose the financial terms of the deal, but Dow Jones said Black Diamond made more than three times its money. The private equity firm acquired Sun World out of bankruptcy for $127.75m in 2005.
Sun World operates in Califronia and has a US and international network of licensed partner growers featuring its products.
Black Diamond managing director Christopher Parker said, “Sun World has been an important portfolio company for Black Diamond, and we are proud to have worked with Dave Dever, the Sun World President and CEO, and his team.
“We are very proud of what we have all accomplished together, and we are pleased that this acquisition provides Sun World with the opportunity to continue to thrive and build for the future.”
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