Abu Dhabi-based investment company ADQ has entered into an agreement to acquire a majority stake in fruit producer and distributor, Unifrutti.
Unifrutti produces, trades and distributes more than 100 varieties of fresh produce, including apples, bananas, cherries, grapes and citrus fruits.
The deal marks a move by ADQ to expand its food and agriculture portfolio, which also includes investments in Louis Dreyfus Company, Silal, Al Dahra Holding and Agthia Group.
Gil Adotevi, executive director of food and agriculture at ADQ, said: “We are developing our food and agriculture portfolio with the aim of generating strong financial returns while bolstering food resilience in the UAE”.
He continued: “Our investment in Unifrutti would enable ADQ to develop a global platform for fresh produce that complements our other portfolio companies throughout the food value chain. We believe our long-term strategic investment will help accelerate Unifrutti’s next phase of growth and build on its strong position as a leader in the global fresh produce sector.”
The acquisition is subject to customary closing conditions, including regulatory approvals.
The financial terms of the deal have not been disclosed.
© FoodBev Media Ltd 2022
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