Hortifrut, the world's leading business platform for the production and commercialization of fresh and frozen berries, reported that it reached an agreement to acquire 100% of Atlantic Blue, a leading company in the genetic development, production and commercialization of blueberries in Europe and North of Africa, based in Huelva, Spain, and with whom they maintained a productive and marketing partnership since 2000.

The operation involves an investment of € 241 million as company value, equivalent to almost USD 280 million. Of the total of that amount, € 24 million were paid on September 30, 2021; € 72,3 million will be disbursed at the closing of the transaction, estimated on November 30 of this year; and the balance will be paid in 10 equal annual installments, subject to an interest of the consumer price index plus a margin of 0,5%, with a floor of 1% and a ceiling of 4%.

The acquisition will allow Hortifrut to increase its production fields by about 20%, by adding almost 850 hectares distributed in the three countries where Atlantic Blue operates. Of these, 400 ha are in Spain and 248 ha in Morocco, to which is added 50% of the 400 ha that are already consolidated in Olmos, Peru.

The acquisition of the hectares in Morocco will allow the company to complete the supply of its own blueberries throughout the year to Europe. Together with the successful production of raspberries that it already produces in that country and in Portugal, the firm closes the circle of supplying the entire berry category for its European clients throughout the year.

In addition to the fields and production facilities of Atlantic Blue, the transaction incorporates the SAT process plant and the consolidation of 100% of the Euroberry commercial platform, with sales close to € 200 million, as well as the platform for the development of varieties of Atlantic Blue cranberries and cherries around the world, opening up huge new growth and investment opportunities for the company in Europe and providing a solid foundation to meet the growing demand from European customers and consumers for the best berries.

“We are very excited because this is a significant step to boost our growth in Europe”

The CEO of the company, Juan Ignacio Allende, highlighted that “we are very excited because this is a significant step to boost our growth in Europe, the second most important market in the world for fresh berries. Without a doubt, this is one of the most relevant and strategic acquisitions in Hortifrut's history and it will allow us to strengthen our leadership position in the global berry industry ”.

According to Allende, “the operation leverages us to strengthen and grow in our capacities to develop new and better varieties of berries, allowing us to accelerate growth and deliver a greater variety of products to our clients around the world, since we will be the only actor relevant with a year-round supply of the latest generation berries. In this way, we can continue to ensure excellence in service, a quality that characterizes Hortifrut around the world ”.