California-based company Mission Produce has announced it will acquire a 50% stake in Chilean avocado packer and marketer Cabilfrut S.A.

Mission Produce CEO Steve Barnard said the deal was part of the company's growth strategy to expand on its existing operations in the U.S., Canada, Mexico and Peru.

"Our agreement with Cabilfrut marks a significant point in our growth strategy and we are very excited to be partnering with Cabilfrut, a company we have worked with for many years," he said.

"We see significant growth opportunities for both companies and expect to leverage our assets and core strengths in the coming years."

The 50% stake will be bought from owners and founders the Cerda family, who have been involved in Chilean agriculture since the 1800s.

Cabilfrut packs both avocadoes and citrus fruits for the markets of North America, Europe, Asia and South America.

"Our current operational and financial strength will allow aggressive growth in the Chilean avocado business," said Cabilfrut CEO Juan Pablo Cerda.

Mission Produce Vice President of Business Development Jim Donovan, said the new partnership was exciting and would help the two companies collectively become a global leader in the avocado market.

"As demand grows globally, we will continue to invest in production and ripening distribution systems."

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