Press Release

Columbia Fruit Packers and Frosty Packing Co Announce Merger, Goldman Sachs Asset Management Acquires Majority Stake in Combined Company

WENATCHEE, WASHINGTON and YAKIMA, WASHINGTON (10/10/2022) – Columbia Fruit Packers, Inc.  (“CFP”) and Frosty Packing, LLC (“Frosty”) announced today a merger of their businesses following a strategic investment led by the Sustainable Investing business within Goldman Sachs Asset Management (GSAM). The combined business expects to benefit from enhanced scale, with over 3,000 acres of apple and cherry orchards, two apple-packing facilities and one cherry-packing facility, and the combined expertise of the CFP and Frosty teams. The new company will seek to substantially increase production of high-quality US-grown apples and cherries through both investments in the existing operations and from further acquisitions. The new business shall be known as New Columbia Fruit Packers, LLC (the “Company”) and will continue to be a partner in CMI Orchards, LLC, a leading tree fruit marketing company.

Mike Wade, CFP’s President and CEO, Robin Hansen, CFP’s Assistant CEO, and Paul Martinez, Frosty’s Managing Partner, issued the following joint statement: “We are excited by this investment and partnership, and we look forward to growing the business together and continuing to supply the US with high-quality apples and cherries for generations to come.”

The Company’s expanded expertise and footprint in Washington State is anticipated to create a leading vertically integrated apple growing business that will continue to supply the marketplace with the highest quality fruit. The Company plans to invest significantly in sustainability initiatives, including the expansion of regenerative agricultural practices and technologies. Further, the Company is committed to continuing CFP’s and Frosty’s long-standing support for community initiatives.

GSAM was supported in the transaction by NewAg Partners, a leading regenerative farming and agribusiness advisory boutique, who will have a continuing role assisting the Company’s growth and execution of key strategic initiatives.

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