Paramount Citrus Set to Acquire Texas-Based Rio Queen’s Citrus Assets
Following Acquisition of Healds Valley, Rio Queen Acquisition Would Further Solidify Position of Paramount Citrus as Leading Supplier of Texas Citrus
DELANO, Calif. December 10, 2012 – Paramount Citrus (PCA) and Rio Queen today announced they have entered into an agreement for Paramount Citrus to acquire the citrus assets of the Texas-based Rio Queen.
Paramount Citrus is already the largest vertically integrated grower, packer and shipper of fresh citrus – including mandarins, navel oranges, Valencia oranges, lemons and limes – in North America. This Rio Queen acquisition, following closely on the heels of Paramount Citrus’ recent Healds Valley acquisition, would position the company as the preeminent supplier of Texas citrus, representing a clear majority share of the state’s industry, primarily of the superior red grapefruit.
“Rio Queen supplies a fantastic product and we’re very pleased with the quality and consistency,” said David Krause, president of Paramount Citrus. “We believe Paramount is well- positioned with its marketing activities to increase the demand for Texas grapefruit to a whole new level.”
“We’re excited about what this transaction will mean for both Rio Queen and Paramount,” said Mike Martin, president of Rio Queen. “Paramount Citrus is the undisputed leader in the citrus industry and this will allow Paramount Citrus to leverage their other products to create better results for Texas growers.”
Mike Martin and his father Ken, who serves as the current company chairman, will remain involved in the operation for now with no changes until the current season comes to a close. At the end of the current season, Paramount Citrus intends to merge Healds Valley and Rio Queen into Paramount Citrus to create efficiencies for customers and growers alike.
“We welcome Rio Queen to the Paramount family with open arms,” Krause added. “We are excited about the future of Paramount Citrus’ operations in Texas and Rio Queen will play an essential role in shaping it.”
The acquisition is scheduled to close at the end of the month.