RM Investors (RMII) has signed a deal to takeover 20/20 Produce Sales, an Idaho-based produce distributor, for an undisclosed sum.
Established in 1993, 20/20 Produce Sales provides apple, onion, and potato supplies from 15 separate shipping facilities. The company's partners deploy advanced technology, including drip irrigation, in-house forced air-drying, automated packing line and palletization, sizing and grading equipment.
For the year ended 31 December 2013, the company generated revenues of $15.9m and a net profit of $0.4m.
RMII agreed to issue 4,836,000 shares of its stock to buy 20/20 as a wholly-owned subsidiary.
As per the agreed terms, the directors and shareholders of 20/20 were nominated as directors and officers of RMII.
The new board comprising Mark D Williams, Robert T Williams, Tom Wason and Colin Gibson has approved plans to change the name of the company to 20/20 Global. A new stock symbol reflecting the new name will be announced later.
