US-based candied fruit company Paradise has entered a definitive agreement to sell all assets associated with the production, manufacture, sale and distribution of glacé fruit products to a subsidiary of Seneca Foods Corporation.

       Financial details of the deal have not been divulged.

       The divestiture is part of Paradise’s plan to sell all of its assets. This transaction was unanimously approved by its board of directors.

       Paradise CEO Randy S Gordon said: “After exploration of a range of strategic alternatives, the Board determined that this all-cash transaction and the sale of our other assets offer the best opportunity for return for Paradise and its shareholders.”

       Completion of the transaction is subject to the satisfaction or waiver of closing conditions as detailed in the purchase agreement, which is primarily the approval of Paradise shareholders.

       Paradise expects to enter a co-pack agreement with Seneca, pursuant to which it will process, manufacture and package Seneca products for the 2019 season.

       The deal comes after Paradise board of directors explored options to divest the company to potential buyers and other strategic alternatives with the advice and assistance of Hyde Park Capital, its investment banker.

       The company’s board of directors adopted a wind-down plan, which includes the ultimate sale of all remaining assets, including its plastics division, as well as real property located in Plant City, Florida, and a wind-down of its business affairs.

       The wind-down plan is subject to completion of the deal and approval of its shareholders.