Aug 26, 2021
Miami’s Lakewood Organics acquired by Peterson Farms of Michigan
Shelby, Michigan produce processor Peterson Farms says it will retain decision-making authority following investment by an Abu Dahbi-based fund, and Peterson’s acquisition of a Miami juice company, Lakewood Organics.
Mubadala Capital referenced Peterson Farms in an August 17, 2021 news release about the closing of its third private equity fund, MIC Capital Partners III.
“To date, Fund III consists of approximately $1.4 billion of investments across nine high-quality assets including … Peterson Farms, the leading processor of fresh-cut apples, quick-frozen fruit products and not-from-concentrate juice in the United States, among others,” according to the news release from Mubadala Capital.
In a letter to growers the next day, Peterson Farms’ CEO, Chairman and President Aaron Peterson gave more details about the deal.
“The Peterson Family is pleased to have partnered with the MIC team in February, 2020 on a shared investment with the goal of continuing to grow Peterson Farms into a dynamic, healthy-for-you, fruit-oriented platform company that crosses into multiple sales channels (industrial, food service, K12 & retail),” Aaron Peterson wrote in the letter, which the company shared with Fruit Growers News. “In a very unique partnership setup, the Peterson Family retained all daily and long-term strategic decision making. I can assure you that the Peterson Family and our senior leadership team are in firm control of the entire organization.
“Our financial partnership with MIC Capital Partners has allowed us to acquire Lakewood Organics (Florida Bottling), a premiere organic juice company located in Miami, Florida, in December 2020,” Peterson’s letter continued.
Peterson Farms looks forward to continued growth, Aaron Peterson wrote.
“I read a quote when I was younger that stated, ‘When you stop growing, you start dying.’ The Peterson Family has always chosen growth and that is never going to change. We look forward to future acquisitions and internal growth projects to continue to strengthen the Peterson Farms Family of Companies.”