After almost 6 full years, Prime Produce International, LLC (PPI) has ceased operations. The developer of the software used by PPI uncovered and corrected a defect in its financial module that was causing an overstatement of profits. PPI immediately issued reinstated financials which resulted in the Company’s major lender closing its line of
credit that had been extended to PPI. After a record $27.5 million in revenue in 2008,
PPI was unable to sustain its growth in 2009 without access to capital. Several attempts
to find alternative financing or an equity partner were unsuccessful. The tight credit
market severely impaired the options available to PPI. The Company had been in
discussions with its creditors over the past several weeks, but was unable to obtain
unanimity this past week.
Since 2004, PPI had become one of the foremost resources of information on the
avocado market in North America for both the Trade and Producers. The Company’s
core strengths were in avocado sourcing and sales. In 2005, it purchased the California-
based packer H & H Avocado Company- making PPI the only company selling avocados
from all five sources of avocados available to the United States market. In 2006, PPI
packed and sold close to 700,000 cartons of California avocados. In the same year, the
Company introduced a revolutionary avocado ripening process. In 2007, the Company
opened a sourcing office in the Hass avocado growing center of Mexico. PPI sold over 1
million cartons of avocados in 2008.
“It is with great regret that I had to make the decision to close our doors. Our
employees are all Produce Industry professionals and experts in their fields. I am
confident each of them will find employment in our Industry,” stated Avi Crane, Founder
and President of Prime Produce International, LLC. Further, Crane stated that: “To our
avocado suppliers and friends in Australia, California, Chile, the Dominican Republic,
Israel, Mexico, New Zealand, Peru, South Africa and Spain, I extend my gratitude for
your support of my Company during the past 6 years. To our customers, it has been my
honor to be part of your avocado procurement program. We will work with you to find
alternative sources for your avocado requirements”.
Crane further stated that “The Crane Family has been in the Produce Industry for over 3
decades. We are currently pursuing opportunities that will utilize our relationships and
product knowledge. We plan to spend many more decades in the Produce Industry- it’s
our passion”.
PPI was founded by Avi Crane in March 2004 after Crane left his position as Vice
President of International Sales at Calavo Growers, Inc. Previously; Crane was General
Manager of Chiquita Avocado Operations and Vice President of the California Avocado
Commission. Crane has been in the Produce Industry since 1973.
Source: Prime Produce International, LLC