Cherry Tree Advises InHarvest, a Duininck Company, on its Sale to Riviana Foods

“We engaged Cherry Tree after being approached by a strategic buyer who expressed interest in acquiring InHarvest, a Duininck Company. Cherry Tree had served as our advisors several years ago on an acquisition for InHarvest.
The Cherry Tree team led the efforts to negotiate a Letter of Intent with Riviana, coordinated and managed the due diligence process and managed the overall process of negotiating and completing the necessary legal agreements for closing the sale of InHarvest and the related real estate.
Cherry Tree’s experience and involvement in managing and driving the process through closing resulted in a great outcome for the shareholders of InHarvest.”

—Trevor Duininck, CEO Duininck Companies

Food Manufacturer, Consumer
Producer and procurer of premium specialty rice, quinoa, and grains for the foodservice, industrial, and retail sectors
Colusa, CA & Woodland, CA
Sale to Riviana Foods Inc., a wholly-owned subsidiary of Ebro Foods, S.A. (BME:EBRO)

Transaction Overview

Riviana Foods, North America’s largest processor, marketer and distributer of branded and private label rice products, acquired the assets of InHarvest, a leading producer of premium specialty rice, quinoa and grains for the foodservice, industrial, and retail sectors, for $48.75 million.

The acquisition expands Riviana’s operations and geographic footprint into California and includes two production facilities in Colusa and Woodland strategically located in the rice-growing area of the Western United States. In addition, with InHarvest’s focus on the foodservice, ingredients/industrial and retail/private label sectors, the purchase complements and enhances Riviana’s current business in those segments.

“The acquisition of the InHarvest business is an excellent fit and consistent with our strategic plan to expand our position in the specialty value-added rice, quinoa and grains markets,” said Enrique Zaragoza, President & CEO of Riviana. “We are excited about this expansion as we also look forward to welcoming InHarvest’s employees to the Riviana team.”

Cherry Tree’s Role:

Cherry Tree was engaged to advise InHarvest and its shareholders as they considered an unsolicited bid from a strategic party seeking to acquire the business. The objectives were to maximize shareholder value and terms of a transaction, while managing an efficient closing process. The Cherry Tree team advised the shareholders throughout the entire process, which included soliciting the LOI bid and negotiating terms, supporting the Company in the confirmatory due diligence process, negotiating terms of the purchase agreement and managing the overall process of closing the transaction.

About InHarvest, Inc.:

With two facilities in California, InHarvest is the foremost U.S. producer and procurer of some of the world’s most distinctive varieties of grains, beans, legumes and blends for the foodservice, industrial and retail sectors. The company’s dedication to discovering and promoting lesser-known, heirloom grains and seeds is deep-rooted in its over 40-year heritage of providing inspiration and solutions to an evolving food industry. For more information, visit

About Riviana Foods Inc.:

Riviana Foods Inc. is North America’s largest processor, marketer and distributor of branded and private label rice products through its family of well-known brands including Minute®, Mahatma®, Success®, Carolina®, Comet®, Adolphus®, Blue Ribbon®, RiceSelect®, Gourmet House® and Tilda®. Riviana also processes, markets and distributes fresh pasta through the brand Olivieri®. Headquartered in Houston, Texas, Riviana is a wholly-owned subsidiary of Ebro Foods, S.A., a leading Spanish food company and the world leader in the rice sector. For more information, visit

About Cherry Tree & Associates

Cherry Tree & Associates is a private investment banking firm headquartered in Minneapolis, Minnesota. Founded in 1980, it specializes in M&A transactions for both buyers and sellers of middle market companies. Additionally, it conducts private placements for attractive, entrepreneurially managed growth companies, provides strategic advisory services to CEOs and boards of directors, and prepares fairness opinions and other valuation services.

Cherry Tree & Associates provides investment banking services through our FINRA-licensed broker dealer.