Canadian pension fund manager PSP Investments acquires 75 per cent stake in HFE Berries Perú
Berry giant Hortifrut has completed the sale of 75 per cent ownership of HFE Berries Perú to a subsidiary 100 per cent owned by the Public Sector Pension Investment Board (PSP Investments), one of Canada’s largest pension fund managers.
HFE Berries Perú owns 100 per cent of the Olmos farm, located in Peru with a planted area of 397ha.
Hortifrut said the transaction is part of the company’s growth strategy by forming associations and alliances with investors and strategic partners.
Through these associations, Hortifrut will remain as a managing partner and operator, with the aim of accelerating its growth based on its strength in agricultural scaling and management, worldwide marketing and its genetic development programme.
As part of this strategy, Hortifrut acquired 50 per cent ownership of HFE Berries Perú in December 2021, through which it also purchased 100 per cent of the shares of Atlantic Blue in Spain.
Now, with this sale, part of the value of the Atlantic Blue purchase is captured in advance, while at the same time allowing control and marketing of the fruit produced.
The operation implies an equity value for 100 per cent of HFE Berries Peru of US$117.3m and it is estimated that it will have a positive result for the company of approximately US$37m.
Hortifrut’s CEO, Juan Ignacio Allende, commented: “We are very excited about this new association with a strategic partner like PSP, whom we know very well. This is a relevant step in Hortifrut’s strategy to be able to supply customers growing demand for our products”.
Allende continued: “This operation is the beginning of a model that will allow us to scale our business through alliances with strategic partners in green field and brown field projects in which Hortifrut participates as investor, manager and operator.
“The model contemplates the use of our leading varieties in the market and the sale of fruit through our global commercial platforms, maintaining our world leadership and balancing our investment portfolio between agricultural, marketing and the genetic businesses.”