August 14, 2022

News Collective

Complete New Zealand News World

Hortifrut consolidated its leadership position in Europe by acquiring one of the largest blueberry marketers

Hortifrut consolidated its leadership position in Europe by acquiring one of the largest blueberry marketers

vegetablesThe world’s leading business platform for the production and marketing of fresh and frozen berries, reports that it has reached an agreement to acquire 100% of Atlantic Blue, a leading genetic development, production and marketing company of blueberries in Europe and North Africa. , based in Huelva, Spain, with which they have maintained a producing and marketing company since 2000.

The process includes an investment of 241 million euros in value to the company, equivalent to approximately 280 million US dollars. Of this total, €24 million was paid on September 30, 2021; €72.3 million will be disbursed upon closing of the estimated transaction on November 30 this year; The remaining balance is paid in 10 equal annual installments, taking into account the interest of the consumer price index plus a margin of 0.5%, with a minimum of 1% and a ceiling of 4%.

The acquisition will allow Hortifrut to increase its production fields by about 20%, by adding approximately 850 hectares distributed in the three countries in which Atlantic Blue operates. Of these, 400 hectares in Spain and 248 hectares in Morocco, 50% of the 400 hectares already assembled have been added in Olmos, Peru.

The acquisition of hectares in Morocco will allow the company to complete its year-round supply of blueberries to Europe. Together with the successful production of raspberries that it already produces in that country and in Portugal, the company closes the cycle of providing the entire berry category to its European customers throughout the year.

In addition to Atlantic Blue production fields and facilities, the deal includes a SAT processing plant and the integration of 100% of the Euroberry business platform, with sales of close to €200 million, as well as a platform to develop varieties of Atlantic blueberries and cherries worldwide, opening up new growth and investment opportunities. It is huge for the company in Europe and provides a solid foundation to meet the growing demand from European customers and consumers for the best quality berries.

See also  The yen continues to decline against the dollar and the dollar exceeds 129 yen

“We are very excited as this is an important step to further our growth in Europe.”

The company’s CEO, Juan Ignacio Allende, emphasized, “We are very excited as this is an important step to further our growth in Europe, the world’s second most important market for fresh berries. Without a doubt, this is one of the most relevant and strategic acquisitions in Hortifrut’s history and will allow us to further strengthen our leadership position. in the global berry industry.

According to Allende, “The process benefits us from strengthening and growing our capabilities to develop new and better berries, allowing us to accelerate growth and offer a greater range of products to our customers around the world, as we will be the only relevant actor with a year-round supply of the latest generation of berries.” In this way, we will be able to continue to guarantee excellence in service, the quality that distinguishes Hortifrut worldwide.”