U.S.-based Limoneira Company (Nasdaq: LMNR) is continuing its rapid expansion with the acquisition of a packinghouse and related assets of Oxnard Lemon Associates.

Limoneira says it has closed an asset purchase agreement to acquire what is one of the U.S.'s leading full-line lemon packing companies.

It says the deal "dramatically expands" sourcing, packing, and global marketing of lemons, and is expected to add up to 2.5 million cartons of fruit to Limoneira's operations next year.

The announcement comes just days after it completed the acquisition of a citrus ranch in Chile, where it now owns numerous assets.

The Oxnard Lemon facility consists of a packinghouse and related equipment on 13 acres located less than a mile from the Port of Hueneme and with packing capacity of 4 million cartons per year.

The adjacency to Limoneira’s Santa Paula headquarters creates additional packing efficiencies for the combined enterprise while also nearly doubling its storage capacity, which "significantly curtails future capital needs", it said.

"We are very excited about Oxnard Lemon joining the Limoneira family. Oxnard Lemon has built a sterling reputation within the lemon industry and is at the forefront of the organic and specialty citrus movement in California," said president and CEO Harold Edwards.

"By combining our two facilities under the Limoneira platform, we will create significant efficiencies that will position us for continued sustainable long-term growth while delivering on our promise of superior grower returns and customer service through our One World of Citrus initiative.

"Our pipeline of potential acquisitions remains robust and we will continue to seek value-enhancing transactions for our shareholders.”

The newly created Oxnard Division of Limoneira will be included in Limoneira’s consolidated results of operations from the date of final closing beginning Nov. 1, 2018.

Amy Fukutomi, principal partner in Oxnard Lemon, added: “This exciting milestone will allow growers to leverage Limoneira’s growing global footprint in the fresh citrus industry and maximize their returns.

"We look forward to a bright future together."