Miura Jordi Alegre

Miura Private Equity has created a €350m agrifood fund, Frutas, to support the development of Frutas Esther and Citri&Co and reinforce its growing presence in Spain’s horticultural sector.

Supported byinstitutional investors from Europe andNorth America, including Morgan Stanley and Schroder Adveq, Frutas will provide additional capital to support Citri&Co, the platform formed by Miura through its investments in three companies – Martinavarro, Río Tinto and Perales & Ferrer.

“Frutas was born with the aim of accompanying Citri&Co…and Frutas Esther in their growth and consolidation worldwide as a vertically integrated platform for the production and distribution of fruit,” Miura said in a statement.

The Barcelona-based private equity firm also announced that Citri&Co had completed its acquisition of an undisclosed stake in Frutas Esther.

Miura’s partner, Jordi Alegre, said the deal will create one of the largest vertically-integrated fruit companies in the world with a turnover of almost €500m, and one of Europe’s leading citrus and stonefruit providers.

Miura hopes to become a leading player in the European fruit business through its so-called ‘buy & build’ strategy. This involves buying up stakes in major fruit companies and then expanding it through further acquisitions of smaller or complementary businesses.

The private equity fund’s involvement in the fruit sector dates back to 2016, when it acquired a stake in Valencian citrus giant Martinavarro. Martinavarro later merged with Huelva’s Rio Tinto to create Citri&Co, which subsequently acquired Perales & Ferrer.

“Frutas was born with the aim of accompanying Citri&Co…and Frutas Esther in their growth and consolidation worldwide as a vertically integrated platform for the production and distribution of fruit,” Miura said.