Westfalia Fruit International (WFI) has sold a minority stake to Boston-based investment fund Harvard Management Company (HMC) to fund its global avocado expansion.
WFI said the deal would provide it with capital to finance key initiatives while enabling collaboration with HMC’s accomplished team of natural resource investors.
“Westfalia is a global leader in the avocado market with a commitment to environmentally sustainable management,” said Colin Butterfield, HMC’s managing director of Natural Resources.
“Its vertically integrated operations are uniquely positioned to benefit from the growth in global avocado consumption and make it a great fit for our portfolio. We are excited to have the opportunity to join them in this latest stage of their growth.”
Established over 70 years ago, the Westfalia Fruit Group supplies fresh produce and related value-added products to international markets. An integrated supply chain incorporating all activities ‘from seed to plate’ enables it to market quality fruit from across the globe throughout the year.
WFI’s future capital investments in global production and distribution are aimed at meeting the growing market demand for avocados and expanding the current availability of fruit.
Alk Brand, WFI’s newly-appointed CEO, said: “The decision to partner with HMC was an easy one, given our similar values and commitment to sustainable business principles. This transaction positions us well for pursuing strategic objectives within the global Group and significantly contributes towards our vision of being a leader in the global avocado industry.”