ADQ has entered an agreement to acquire a majority equity stake in leading global fresh produce producer and distributor Unifrutti Group,from existing shareholders.
Gil Adotevi, executive director of food and agriculture of the Abu Dhabi-based investment and holding company, saidUnifrutti'sexpansive footprint made it a strong addition to ADQ’s agriculture portfolio and the aquisition would help improve food supply to the UAE.
With approximately 560,000 tons of fresh fruit sold annually and more than 14,000ha of farms across four continents, Unifruttioperates with full integration along the value chain, servingmore than 500 customers in 50 countries.
“We are developing our food and agriculture portfolio with the aim of generating strong financial returns while bolstering food resilience in the UAE. Our investment in Unifrutti would enable ADQ to develop a global platform for fresh produce that complements our other portfolio companies throughout the food value chain,”
“We believe our long-term strategic investment will help accelerate Unifrutti’s next phase of growth and build on its strong position as a leader in the global fresh produce sector.”
Speaking on behalf of the shareholdersat Unifrutti Group,the De Nadai and Mondin families commented said the move would help accelerate the Group’s growth.
“ADQ’s track record in the food and agriculture sector makes the company an ideal major shareholder and investor. We share a common belief in the global growth potential of the fresh produce sector and a strategy to capture commercial opportunities present in the sector to generate sustainable growth,” the families said.
“As such, this agreement is a significant milestone in Unifrutti’s journey and ADQ’s investment will enable us to expand our global footprint in line with our long-term development strategy.”
The proposed investment in Unifrutti will build on ADQ’s food and agriculture portfolio which already includes the likes of Silal, Abu Dhabi’s leading fresh produce and agri-tech company and Al Dahra Holding, an Abu Dhabi-based global leader in forage and other agribusiness sectors.
Completion of the transaction is subject to customary closing conditions, including regulatory approvals.