By Josh Beckerman
Peter J. Nolan reported a 5.6% stake in agribusiness and real-estate company Limoneira and said the company’s shares are undervalued.
Nolan is a former Leonard Green & Partners executive and is now chairman of California-based Nolan Capital, which has invested in companies including the Fresh Brothers pizza chain and park-concessions business ExplorUS, as well as in real estate.
Nolan said in a Form 13D filing that he has had general discussions with Limoneira’s management and may engage in talks with the company and shareholders on topics such as board composition, strategic plans and cost structure.
In September, Limoneira reported progress in its shift to an “asset-lighter” model, with brokered lemons and other lemon sales growing 76% year-over-year to $8.8 million for the third quarter ended July 31. It said results were hurt by lower lemon pricing and lower fresh utilization rates due to heavy rain that delayed part of its harvest. Avocado prices and volume declined in the quarter.
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