Menlo Park, CA — The Landec Corporation recently announced their ownership of O Olive Oil, Inc. (“O Olive”) for $2.5 million. O Olive also has the opportunity to earn an additional $7.5 million in the next three years if agreed EBITDA (earnings before interest, taxes, depreciation and amortization) targets are made.
O Olive, based in Petaluma, California, produces oils and vinegars that are certified organic and made without chemicals or preservatives. These ideals are in conjunction with the Landec Corporation’s as they also focus on diversified health and wellness in the packaged food industry. O Olive’s products are sold in over 4,600 natural food, grocery, and mass retail stores in the United States and Canada.
President and CEO of Landec, Molly Hemmeter, commented, “Landec’s mission is to create innovative products that support each person’s unique health and wellness journey. The oil and vinegar markets are currently experiencing a dramatic shift in consumer behavior from conventional to natural and organic oils and vinegars and O Olive is uniquely positioned to take advantage of this transition. Retailers across North America are making “clean label” and organic products a priority. O Olive sells a variety of products, including certified organic options, that are all-natural, high quality, great tasting and with easily traceable ingredients for retailers to offer their consumers. O Olive has created a strong brand recognition and has been honored with 17 SOFI awards by the Specialty Food Association, more than any other oil and vinegar company in the world. By supporting O Olive products with growth capital and the strength of Apio’s sales, customer service, procurement and logistics capabilities, O Olive can achieve its true potential and offer consumers a healthy and delicious option for everyday eating.”
Landec’s plan is to increase Olive O’s revenue and reach the net income of approximately $200,000. The new business plan will still allow Olive O to remain in their headquarters and be run by their existing management.
O Olive’s president and founder, Greg Hinson stated, “This is a significant milestone for the O Olive team. After two decades of carefully crafting our products in a responsible fashion without chemicals and preservatives that yielded unmatched quality and taste, we now have a like-minded partner that can help us grow our distribution, secure supply and bring our award-winning products to more consumers throughout the world.