Universal Corp. acquires FruitSmart
Richmond-based corporation supplies tobacco, agri-products to more than 30 countries
Richmond-based international tobacco leaf supply company Universal Corp. acquired Grandview, Wash.-based fruit and vegetable ingredient processor FruitSmart, Universal Corp. announced Monday.
Financial terms of the acquisition have not been disclosed. Universal Corp. funded the transaction with a combination of cash on hand and existing borrowing capacity.
FruitSmart, founded in 1982, supplies fruit juices, concentrates, blends, purees and powders and has approximately 200 employees between its two manufacturing facilities.
Universal Corp. supplies tobacco and other agri-products to more than 30 countries across North America, South America, Europe, Asia and Africa. In the fiscal year that ended March 31, 2019, the company had $2.2 billion in revenue.