Hancock Natural Resource Group (HNRG), a company of Manulife Investment Management, has acquired a majority stake in David Del Curto (DDC), on behalf of its third-party clients.
David Del Curto is a Chilean fruit production, packing and export company, which produces more than ten different types of fruit across 11 farms, while also managing ‘one of the largest’ nurseries in the country.
In addition, the company operates three packing facilities with a capacity of nine million boxes of fruit.
Manulife Investment Management says that the acquisition aligns with its aim of growing its private markets offering across sectors including agriculture.
Fernando Cisternas, CEO of DDC, said: “By joining the Manulife Investment Management and HNRG team, we are able to rely on their extensive agricultural experience to expand our operations and further the reach of the firm. We feel the acquisition will bring tremendous additional resources to our teams and partners.”
Supplying a global customer base, DDC currently packs and markets fruit for approximately 90 third-party growers, as well as fruit from its own farms.
“David Del Curto is a well-respected firm with more than 65 years of success in fruit production and extensive sales relationships throughout Asia, Europe, North America and the Middle East,” said Stephen J. Blewitt, global head of private markets at Manulife Investment Management.
“The acquisition strengthens and diversifies our existing portfolio as DDC is in a solid position; both currently with market-leading characteristics and for the future with state-of-the-art farmland facilities and opportunity for additional strategic growth.”
The Corso Group (TCG), which acquired an ownership stake in DDC in 2005, will maintain a minority holding in the firm. DDC will continue to be led by its current CEO Fernando Cisternas.
“We are very excited to work on the ownership transition with the strong DDC management team that is already in place and value The Corso Group’s continuing partnership,” said William E. Peressini, CEO of HNRG.
The financial terms of the transaction have not been disclosed.
© FoodBev Media Ltd 2020
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