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Limoneira Company (NASDAQ:LMNR) has acquired a majority interest in Limco Del Mar, Ltd., a California partnership that produces lemons and avocados and operates the Limco Del Mar Ranch. The company announced Monday that it closed an offer to purchase up to 224,859 limited partnership units from Del Mar’s limited partners.
According to a press release statement, Limoneira purchased 80,608 limited partnership units from 78 limited partners at a price of $70 per unit, for a total of approximately $5.6 million. The transaction increases Limoneira’s ownership in Limco Del Mar from 28.8% to 54.5%.
The offer to purchase partnership units was initiated on March 21, 2025, as part of Limoneira’s strategy to determine the future direction of Limco Del Mar and to provide liquidity for limited partners.
Limoneira Company is based in Santa Paula, California, and is the general partner of Limco Del Mar, Ltd. The information in this article is based on a statement filed with the Securities and Exchange Commission.
In other recent news, Limoneira Company reported its second-quarter FY2025 earnings, which fell short of expectations. The company announced an earnings per share (EPS) of -$0.17, missing the anticipated $0.04. Revenue for the quarter was $35.1 million, which did not meet the forecasted $44.7 million. In addition to its earnings report, Limoneira entered into a new Master Loan Agreement with AgWest Farm Credit, providing a total borrowing capacity of $115 million. Of this amount, $114 million is available under a revolving credit facility, while $1 million is available under a non-revolving credit facility. This new agreement amends and restates a previous loan agreement from March 2024. These developments highlight recent financial activities and adjustments for Limoneira.
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