Deal set to go through in the coming weeks after approval by European Commission and failure of attempt to block the transaction
A legal bid by Jack Pandol to block AMFresh’s acquisition of International Fruit Genetics (IFG) has failed.
On Wednesday, AMFresh released a statement which read: “Following the agreement between International Fruit Genetics (IFG) and Special New Fruit Licensing (SNFL), the consortium led by AMFresh Group and the Swedish fund EQT and the American fund Paine Schwartz Partners (PSP), for the purchase of the entire IFG business by SNFL, Jack Pandol initiated legal action to block the transaction.
“On 11 July, the arbitrator assigned to decide on the matter rejected all the claims made by Jack Pandol, allowing the transaction to proceed.”
SNFL said it expects to close the transaction in the coming weeks. AMFresh CEO Alvaro Muñoz commented: “Our entire team and partners are proud to be able to move forward with the green light of the arbitration. This is the beginning of a breakthrough for the Fresh food sector and our greatest ambition is to foster the most innovative, natural, sustainable and healthy products to delight consumers globally.
“Our aim is to increase consumption and market size of fresh, healthy and affordable products globally”.
Additionally, Bluestone Food and Tech, Alvaro Muñoz’s family holding, has closed an agreement to become the sole 100 per cent equity partner of AMFresh and acquire 100 per cent of AMC Group.
The deal has the full support of all the executive and non-executive board members of Bluestone and AMFresh. It has also been supported by all the banking partners of the Business Group, as well as the partners in various investments that AMFresh holds in Genetics and Technology (EQT and PSP).
AMFresh said the deal would give it total freedom to invest in the different agribusiness and agri-technology breakthroughs that the group endorses.
Under its strategic plan, AMFresh aims to double its sales to €3bn in 2028 and triple its EBITDA in the same timeframe. COO Pablo Sánchez-Lozano said: “At AMFresh we have been working on the integration of our supply chain with the aim of always adding value to our retail partners.
“Our focus is on offering innovative solutions that allow differentiation and are always based on technology. We have tools that cover the full cycle including genetics, agriculture, technology and sustainable practices; our degree of flexibility is unparalleled, and our customised models adapt to all clients, geographies and categories”.
The pillars of AMFresh’s strategic growth are focused on six main areas distributed throughout the value chain:
- Become the preferred integrated partner of the top main retailers in the world by increasing its presence through new categories and offering greater geographical coverage.
- Grow through vertical integration thanks to the differential aspects of its value chain.
- Promote the creation of value through innovation.
- Consolidate its operational excellence.
- Evolve its teams and organisations for the future, with a special focus on attracting talent for key positions.
- Promote sustainability and risk management as main differentiators: climate change (carbon emissions, water consumption, etc.), as well as occupational, social, regulatory, political, reputational and industrial risks.