The Assemi brothers say they are not getting out of all of their farming operations, following a report from The Sun that around $2 billion of their agricultural assets are up for sale.
They asserted that the family is not selling all of its agricultural holdings or exiting farming completely.
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The backstory: According to a confidential presentation for potential buyers obtained by The Sun, the Assemi’s have put Maricopa Orchards and Touchstone Pistachio Company up for sale.
- Maricopa has around 52,000 acres of farmland that is used to farm almonds and pistachios.
- Touchstone has a processing facility in Terra Bella and another one planned for Fresno County for the family’s packing and shipping operations.
- The combined company is being called “Project Green,” and sources told The Sun that the assets are worth around $2 billion.
What they’re saying: Darius Assemi, speaking to GV Wire, said the family is evaluating its operations, similar to what it did in 2018 by selling a portion of its Kern County almond portfolio.
- “We’re not getting out of farming,” Darius Assemi told his publication. “Just as we’ve always done, we are evaluating our portfolio, and right-sizing it but keeping our core operation.”
- He added, “We are long-term investors with a long-term outlook.”
- Farshid Assemi, one of the three brothers along with Farid Assemi, said the family remains focused on farming.
- “We want to pair down and simplify our operations, which currently stretch from Winters, California down to the southern tip of Kern County,” Farshid told his brother’s publication. “There are some rumors in the media which are not true. We are not getting out of farming. As an investor and operator, everything we own is for sale at the right price. We are committed to our staff and growers. We are involved in several businesses and this is an attempt to pair down some of them.
- The Assemis did not specifically refute The Sun’s report that Maricopa and Touchstone are up for sale.
