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Let’s TalkPacific Coast Fruit Company Acquires King Harvest Hummus in Oregon
Pacific Coast Fruit Company, an independent produce (fresh fruits and vegetables) distributor based in Oregon, United States, acquired King Harvest Hummus, an Oregon-based producer and wholesaler of hummus, on June 20, 2023. The acquisition came about as the companies were discussing a partnership for the distribution of hummus in British Columbia, Canada, and the Northwest United States.
Transaction Summary
The Facts of the Acquisition
- Target: King Harvest Hummus, based in Oregon with approximately 25 employees, produces varieties of hummus, which it sells through a drive-thru at its manufacturing plant and through distributors.
- Acquirer: Pacific Coast Fruit Company is a produce distributor based in Oregon, United States. It has two distribution centers that serve business customers in Oregon, Washington, and British Columbia, Canada.
Our Take on the Acquisition
The acquisition may prove beneficial for Pacific Coast (acquirer) as it will boost the company’s product lineup. It will be able to immediately market the freshly produced and wide varieties of hummus to its 1,500+ customers. Pacific Coast could invest to boost volumes. The company sells fresh produce and can source many of the basic ingredients required to make hummus through its suppliers. There are synergies between the two companies that can reduce costs for King Harvest’s operations. And the acquisition will benefit Pacific Coast if executed properly, with King Harvest’s operations being fully integrated with Pacific Coast’s.
The Transaction
| Date: | June 20, 2023 |
| Price: | Undisclosed |
| Purpose: | To expand product lines and boost sales through investment in production. |
| Acquirer’s Statement: | David Nemarnik, CEO of Pacific Coast Fruit Company – “For many years, we’ve been impressed with King Harvest Hummus and the reputation the company has earned for great people, dedicated service to customers, and quality products. We’re excited about the future of both brands and the opportunities that lie ahead as we begin to work together.” |
Target/Seller: King Harvest Hummus
Company Information
| Target: | King Harvest Hummus |
| Website: | kingharvesthummus.com |
| Founded: | 1976 |
| Industry: | Food and Beverage Distributor |
| Type: | Private, family owned |
| Employees: | Less than 25 (Unconfirmed Source: ZoomInfo) |
| Locations: | Office, Factory, and Drive-Thru: 1502 Morrison Street, Portland, Oregon, United States |
Product Information
| Products: | Wide varieties of hummus Hummus – Savory dip of Arab origin made from cooked, mashed chickpeas blended with tahini, lemon juice, and garlic |
| Market Reach: | Oregon, United States Washington, United States |
Financial Information
| Revenue: | Less than USD $5.0 million (Unconfirmed Source: ZoomInfo) |
| Revenue per Employee: | USD $200,000 (i.e., USD $5.0 million / 25 employees = USD $200,000 – estimated based on the number of employees and revenue from ZoomInfo) |
Target/Seller Overview: King Harvest Hummus
In 1976, King Harvest was a small grocery store where you could find all sorts of interesting foods, from whole cereals and grains to organic. By 1986, it had moved to larger premises, where it became primarily a juice manufacturing factory. Fresh juice, wheatgrass, pita-pocket sandwiches, and hummus were delivered fresh to many grocery stores around the Portland area. After 20 years in business, 1996 brought change – King Harvest was slowly switching its focus from juice to hummus.
In 2009, the company started operating the drive-thru at its manufacturing plant and occupied the whole building for manufacturing/wholesale. The coffee shop and drive-thru now offer Marigold coffee; fresh, home-baked goods; sweet deals; and friendly service. The hummus can be bought from the coffee shop as well as many grocery stores in Portland.
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Explore Your Options NowBuyer/Acquirer: Pacific Coast Fruit Company
Company Information
| Buyer: | Pacific Coast Fruit Company |
| Website: | pcfruit.com |
| Founded: | 1977 |
| Industry: | Food and Beverage Fresh Produce Distribution |
| Type: | Private, family owned |
| Employees: | Less than 25 (Unconfirmed Source: ZoomInfo) |
| Locations: | Distribution Center #1: 201 NE 2nd Avenue, Portland, Oregon, United States Distribution Center #2: 7250 S 228th Street, Kent, Washington, United States |
Product Information
| Products: | Fresh Produce – A variety of produce available for lower volume business needs Certified Organic Produce – Organic produce with certifications, such as U.S. Department of Agriculture Organic and Good Agricultural Practices Fresh-Cut Produce – Prepared produce (diced, chopped, shredded, or sliced) Dairy and Eggs – Select dairy products and eggs from local producers |
| Market Reach: | Oregon, United States Washington, United States British Columbia, Canada |
Financial Information
| Revenue: | USD $77 million (Unconfirmed Source: RocketReach) |
| Revenue per Employee: | USD $466,667 (i.e., USD $77 million / 165 employees = USD $466,667 – estimated based on the self-published number of employees and the revenue from RocketReach) |
Buyer/Acquirer Overview: Pacific Coast Fruit Company
Pacific Coast Fruit Company was founded in 1977 by Emil Nemarnik in the historic Produce Row of Portland, Oregon. The company started with a 2,000 square-foot warehouse and eight employees. Since then, it has expanded to become one of the largest, independent produce distributors in the Northwest United States. The company now operates two facilities – a 90,000 square-foot warehouse and fresh-cut (products) center in Portland, Oregon, and an 83,000-square-foot warehouse in Seattle, Washington, both conveniently located to serve the entire Northwest region. Pacific Coast Fruit services various retailers, wholesalers, processors, restaurants, and more. The produce programs include robust USDA organic, local Oregon and Washington, and fresh-cut options.
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Sources
- Company Websites
- Other Sources
- Unconfirmed Sources