Hortifrut S.A., BB #:154303 Santiago, Chile, reached an agreement to acquire Atlantic Blue SL, a genetic development company, processor, producer and marketer of berries based in Spain with operations in Morocco and Peru.
According to a Hortifrut news release, the purchase price was 241 million Euros, with 24 million Euros paid Sept. 30, 72.3 million Euros paid at closing on Nov. 30, and the balance in 10 annual installments.
The acquisition increases Horitfrut’s growing area by about 20 percent, adding 850 hectares across the three countries where Atlantic Blue operates, with 400 hectares in Spain, 248 hectares in Morocco and 200 hectares in Peru.
In addition, the acquisition includes the commercial platform Euroberry and the processing plant in Spain. It also includes the genetic program for blueberries from Atlantic Blue, with the varieties Rocío and Corona, as well as advanced selections of low-chill cherries.
“This is a significant step to boost our growth in Europe, the second largest market in the world for fresh berries,” said Hortifrut CEO Juan Ignacio Allende, in the press release.
“Without a doubt, this is one of the most relevant and strategic acquisitions in Hortifrut’s history and allows us to strengthen our leadership position within the global berry industry.”
“The transaction provides us with the leverage to strengthen and build our variety development and breeding capabilities, enabling us to accelerate growth and deliver a greater product range to our customers around the world,” he said.
“We will have year-round supply of consistent high-quality berries. Along with this, Hortifrut will continue to provide the high-level service which it is known for globally.”