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Harvard to buy Spanish fruit and vegetable giant Greentastic for 250 million

Spain's agricultural sector continues to attract foreign venture capital

According to sources in the sector, Solum Partners, a US fund financed by Harvard University, has reached an agreement to acquire Greentastic, a large Spanish agriculture group, from Magnum Industrial Capital Partners, in an operation that would range between 250 and 300 million euro.

In fact, financial sources say that Magnum Industrial Capital Partners and Solum Partners have already signed the purchase agreement, and are finalising the last details. As a result of this agreement, the majority of the capital of Greentastic, a holding company resulting from the initial purchase of the Almeria-based Agrupalpi, which subsequently grew with the acquisitions of the Murcia-based Amaco and NatVeg, will pass into American hands.

Since Magnum, the fund founded by Ángel Corcóstegui, Enrique de Leyva, and Joao Talone, entered the capital of Agrupalpi, the company has doubled in size, to over 200 million turnover, thanks to the contribution of Amaco and Natveg.

Greentastic closed 2022 with a gross operating profit of nearly 25 million euro, a figure that could increase to 30 million this year, according to sources close to the process.

With this acquisition, Solum Partners, which already has interests in avocado, apple, olive, blueberry, and soybean plantations, in companies such as Westfalia and California Olive Ranch, will make its first investment in Europe.

 

Source: elconfidencial.com 

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