Washington’s Columbia Fruit Packers of Wenatchee and Frosty Packing of Yakima have announced a merger, stemming from strategic investment from Goldman Sachs Asset Management.
The new business, named New Columbia Fruit Packers, seeks to benefit from its expanded footprint and increase production through “investment in the existing operations and from further acquisitions,” according to a new release. It will continue to be a partner in the marketing company CMI Orchards.
“We are excited by this investment and partnership, and we look forward to growing the business together and continuing to supply the U.S. with high-quality apples and cherries for generations to come,” company leaders Mike Wade and Robin Hansen of Columbia Fruit Packers and Paul Martinez of Frosty Packing said in a joint statement.
The investment, through Goldman Sachs’ sustainable investing business, will include focus on regenerative agricultural practices and technologies.
—by Kate Prengaman