Chilean fruit business Hortifrut has announced its acquisition of berry producer Atlantic Blue for €241 million (approximately $280 million).
Hortifrut plans to purchase 100% of the business, with which it has maintained a partnership since 2000.
Atlantic Blue is currently one of the main growers and marketers of blueberries in Europe.
The acquisition will allow Hortifrut to expand its growing area by 20% by adding roughly 850 hectares across Spain, Morocco and Peru.
Juan Ignacio Allende, Hortifrut’s CEO, commented: “We are very excited because this is a significant step to boost our growth in Europe, the second-largest 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 will allow us to strengthen our leadership position within the global berry industry.”
The purchase of the hectares in Morocco will enable the company to supply customers in Europe with its own blueberries year-round.
The transaction not only includes Atlantic Blue’s farms and facilities but also the SAT processing plant and the Euroberry commercial platform, with annual sales of approximately €200 million, as well as the company’s “variety and breeding development programme of blueberries and low chill cherries worldwide”.
This announcement comes after Hortifrut entered into a merger agreement to acquire blueberry business Peru Talsa for $160 million in 2017.
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