Mike Martin on Paramount Citrus' Acquisition
Delano, CA -
By Sarah Hoxie
12.11.12
Paramount Citrus and Rio Queen have entered into an agreement for Paramount Citrus to acquire the citrus assets of Rio Queen; one of the leading shippers of citrus and produce in South Texas.
The Rio Queen acquisition, following Paramount Citrus' recent Healds Valley acquisition, would position the company as the preeminent supplier of Texas citrus; 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."
Mike Martin and his father Ken, current company Chairman, will remain involved in the operation for now with no changes until the current season comes to a close. Paramount Citrus intends to merge Healds Valley and Rio Queen into Paramount Citrus at the end of the current season. The acquisition is slated to close at the end of the month.
"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."
