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Valley Public Radio Staff
Mon August 12, 2013
Bakersfield Produce Grower Sun World International Sold to LA Group
Bakersfield-based produce grower and packer Sun World International has been acquired by Renewable Resources Group, a Los Angeles-based asset management firm.
Terms of the sale, which closed on August 9, were not disclosed. Sun World grows, packs and markets a variety of agricultural products ranging from grapes and stonefruit to vegetables.
Sun World began operation in 1976, and had been owned since 2005 by Black Diamond Capital Management, a Connecticut-based investment firm. Black Diamond purchased Sun World assets at a bankruptcy auction for $127.8 million.
Renewable Resources Group President Ari Swiller said in a press release that the change in ownership will not affect Sun World operations.
"We all know this is the height of the season for Sun World, and so the change in ownership will be swift and seamless, with no change to operations, personnel or administration. Sun World's senior executive team will continue in their posts. Employees' job responsibilities and benefit plans will not change," wrote Swiller.
Renewable Resources Group has existing agricultural operations in Riverside County, and had previously purchased 4,000 acres near Blythe from Sun World around two years ago.