Fresh produce grower, marketer and distributor Dole plc is divesting its majority stake in Los Angeles-based Progressive Produce LLC to a private equity firm for $120 million.

Dole announced Feb. 27 that Progressive will be sold to PTF Holdings, which is the parent company of Pacific Trellis Fruit. PTF is a portfolio company of Arable Capital Partners.

Progressive Produce is a grower, packer and distributor of conventional and organic produce to the retail, wholesale and foodservice sectors in the U.S. and Canada. Founded in 1967, Progressive has annual sales of more than $400 million. The company is currently a Dole subsidiary and part of its Diversified Fresh Produce — Americas and Rest of World reporting segment.

Dole said that upon completion of the transaction — expected in March — Progressive’s existing management team will remain with the resulting combined business of Progressive Produce and Pacific Trellis Fruit and retain an ownership stake.

Dole expects to use the net proceeds from the sale primarily for debt reduction. Dole has world headquarters in Dublin, Ireland, with U.S. headquarters in Charlotte, NC.

Dole reported its 2023 fourth quarter and full-year financial results on Feb. 29, showing annual sales of $8.25 billion that increased 2.8% vs. 2022 and net profit of $156 million that jumped 39.3%. 4Q23 sales of $2.07 billion increased 1.5% year-over-year, while adjusted revenue ticked down 0.8$ when excluding foreign currency translation and M&A.