Canadian investment fund to acquire European agricultural properties with Citri&Co to operate and manage farmland
Leading European vertically integrated fresh fruit company Citri&Co and the Public Sector Pension Investment Board (PSP Investments), have formed a long-term strategic alliance to acquire and manage agricultural land starting with Citri&Co citrus orchards in Spain.
Under the terms of the partnership, the Canadian pension investment manager will acquire farmland, primarily comprised of citrus fields in Spain; while Citri&Co will operate and manage the farmland, leveraging its decades of experience and technical expertise.
Consistent with its vertically integrated, “field-to-table” model, Citri&Co will continue the packing, distribution and sale of all produce grown on the properties.
Both parties, together with Miura Partners, will continue to seek opportunities for the acquisition, development and management of agricultural land, which will strengthen Citri&Co’s position as a year-round supplier of fresh fruit.
Marc Drouin, senior managing director, real assets and global head of natural resources investments of PSP Investments said it was a perfect partnership.
“Citri&Co represents an ideal partner for PSP Investments in the European fresh produce sector, particularly given Spain’s status as the leading global producer and exporter of citrus fruit,” said Drouin.
“Backed by Miura Partners, Citri&Co’s top-tier management team has grown the company significantly. This new partnership with Citri&Co is aligned with our strategy of adding high-quality, sustainable agricultural assets with long-term growth potential to our portfolio.”
Carlos Blanc chief executive of Citri&Co welcomed the deal and the opportunities it would provide the company.
“Our strategic partnership with PSP Investments will reinforce our value proposition allowing us to focus on what we do best: to be a 12-month, high-quality fresh fruit supplier, ensuring the best standards across the supply chain, from the field to the table,” said Blanc.
“In addition, we are 100 per cent aligned with PSP Investments’ fundamental values as they cherish the land acquired under their sustainability principles.”