David Krause Announces New Venture; Frutura Acquires Dayka & Hackett and Agrícola Don Ricardo; Tim Dayka, Richard Briceno, and Rafael Ibarguren Comment
REEDLEY, CA - Two heads are better than one, and when those two heads are well-established industry companies joining together to form a new venture, it is sure to be a success. This is the case as Dayka & Hackett LLC (D & H) and Agrícola Don Ricardo (ADR) have signed agreements to sell majority ownership to the newly formed produce company Frutura, of which industry veteran David Krause will man the helm as CEO.
“My new position is doubly compelling,” said Krause. “I’m part of a team crafting a brand-new company, built for precisely this moment in time in global agriculture. And I get to go on this journey with people I respect and enjoy, from two world-class produce companies I’ve long admired.”
Together, D & H and ADR will form the foundation of Frutura’s sales and marketing network, which was designed to supply global customers with high-quality fruit year-round.
According to a press release, consistency of access and of produce are key pillars of Frutura, along with being a mission-driven organization in service to environmental stewardship and global citizenship.
“I’ve come to know David over the last year and have worked closely with ADR management for the better part of a decade,” said D & H Chief Executive Officer Tim Dayka. “I’m convinced together we can identify many global supply chain efficiencies to the benefit of our discerning customers, who want the very best produce and who want it year-round.”
Bringing to the venture decades of sector experience, D & H and ADR each offer expertise in critical aspects of the industry that will bolster the growth of Frutura: D & H as an importer, seller, and marketer, and ADR as a grower, packer, and shipper. Combining to form the basis of Frutura, the companies’ complimentary business models and shared commitments to fresh produce and innovation will make for a strong partnership.
Although selling majority ownership, Tim Dayka as well as Ricardo Briceno and Rafael Ibarguren of ADR will continue to run their respective companies following the sale.
“We’ve been approached before with attractive acquisition offers,” said Briceno, Chair of ADR. “But what prompted Rafael and me to make this move was the time spent in strategic conversation around a shared vision for what we can accomplish as collaborators. This was the ‘fit’ we’d not found elsewhere.”
In tandem with its commitment to providing fresh, high-quality produce, Frutura is focused on making meaningful progress in Environment, Social, and Governance (ESG) and will make accountability across these areas a crucial part of its operations. Over time, the company intends to be a leader and resource in creating significant social and environmental impact on commercial agriculture.
Frutura is a portfolio company of RRG Capital Management. In March 2021, Agrícola Don Ricardo was acquired by RRG Produce Holdco, which has since been renamed and branded Frutura. Dayka & Hackett signed an agreement to be acquired by Frutura in June 2021.
As this new venture takes off, how will the company impact the future of the fresh produce industry? Time and AndNowUKnow will tell, so keep a tab open as we bring you the latest.