The company Solum Partners, one of the main investment funds in the US in the agricultural sector, originally promoted from Harvard University, has completed the purchase of the agricultural group Greentastic, which includes two leading agricultural companies in the Region of Murcia such as Amaco and Natveg, together with Agrupapulpí, after the complete integration of all of them last year in another operation carried out by the Spanish Magnum Capital, already owner of the Almeria company. The cost of the operation could range between 250 and 300 million euros, according to estimates from industry sources.
The North American giant, based in Boston, focused on investment in agricultural production and marketing companies, treasures knowledge of this activity that goes beyond the financial approach itself. And it is that it is committed to the formation of solid projects, from operational excellence and continuous improvement. This is how he has assessed the solidity of the offer of these firms for what is his first investment in the European continent.
It must be taken into account that the activity of Amaco, Natveg and Agrupapulpí encompasses numerous varieties of fruit and vegetables that are exported to more than thirty countries. Together, they generate more than 250,000 tons of products per year and a turnover of more than 190 million euros. In fact, the Greentastic group closed the 2022 financial year with a gross profit close to 25 million euros. A union forged in just a few months that has allowed us to complete a wide catalog of references, from lettuce, cabbage, broccoli, tomato, cauliflower, celery, pumpkin, cucumber, pepper, zucchini, eggplant, melon, watermelon, grape, among others.
References for three decades
Amaco, founded in 1990, has managed throughout its history to control the entire production process to have greater control and traceability in the quality of its products. It was majority owned by the cooperative Coexma, from Mazarrón. While Natveg, created in 1987, with its facilities in Torre Pacheco, has been especially significant for meeting the needs of the British broccoli market for more than 20 years. In addition, it is considered one of the main brassica producing companies in Europe with one of the largest shares in the United Kingdom.
Magnum Capital’s management has made it possible to structure and create synergies between the three companies by combining their respective businesses in order to improve efficiency and profitability, turning their joint offer into an international benchmark in the sector that finally managed to attract the interest of Solum Partners. A change of ownership operation that has had the advice of Garrigues for the sellers and the consultancy FTI for the buyer.
The North American fund, directed by Colin Butterfield, already controlled platforms specialized in the production and distribution of avocado -where it is the world leader-, apples, blueberries, almonds, coffee, among others. Keep in mind that this company has 850 million dollars in a new fund for investments in large-scale crop producers around the world.
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