Bakersfield grower-packer Sun World is sold
August 14, 2013
• LA-based Renewable Resources is buyer
• “It's a company we've watched and respected for a long time”
Sun World International LLC of Bakersfield, a grower, marketer and breeder of seedless grapes, sweet peppers, stone fruits and other fruits and vegetables, is now owned by Renewable Resources Group Inc. of Los Angeles, an asset management firm with a focus on agriculture and other sustainable resources.
Black Diamond Capital Management LLC, an alternative asset management firm based in Greenwich, Conn., is the seller.
Financial details of the deal have not been made public. Sun World operations are continuing unchanged with no change to operations, personnel or administration.
"Sun World is an extraordinarily valuable company with a strong and experienced management team and first-class employees who deliver famously delicious fruits and vegetables and industry-leading marketing, licensing and research-and-development operations," says RRG President Ari Swiller. "It's a company we've watched and respected for a long time."
Sun World President and CEO Dave Dever says Sun World has benefited from its relationship over the past eight years with Black Diamond. “As we continue to grow the company and focus on delivering superior products and services to our customers, a partnership with RRG is exciting,” he says. “This new partnership will allow Sun World to continue to strengthen and grow alongside its customers."
RRG has been active in Kern County for more than a decade, and has extensive farming operations in Riverside County, both of which are home to significant Sun World operations. About two years ago, RRG purchased approximately 4,000 acres near Blythe from Sun World.
RRG notes that it has owned and managed agricultural operations across California for more than a decade. Additionally, it has developed major sustainable water and renewable energy projects, including the largest solar photovoltaic facility in the world – the Antelope Valley Solar Project, which is now owned by MidAmerican Renewables – and the Antelope Valley Water Bank, an underground water storage facility.