Amfac Inc. announced that it has signed...
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Amfac Inc. announced that it has signed a definitive agreement with a division management group for the sale of its Santa Cruz-based mushroom businesses--including Monterey Mushrooms, Amycel Inc. and Spawn Mate Inc.--for about $30 million. Total revenue for the mushroom business in 1987, with a combined work force of approximately 1,900 employees, was $108 million. The transaction, which is subject to San Francisco-based Amfac board approval, is expected to close June 10. The buyout group is led by Shah Kazemi, 43, head of Monterey Mushrooms.
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