US private-equity house Paine Schwartz Partners has acquired a stake in Specialty New Fruit Licensing (SNFL), the grape developer that is part of international fresh-produce supplier AM Fresh Group.
Paine Schwartz Partners has bought a 30% stake, an investment a joint statement said would “accelerate SNFL’s activities in varietal breeding, development and registration”. Financial terms were not disclosed.
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Alvaro Muñoz, one of the brothers that control AM Fresh and CEO of the business, said: “We … believe that through a strategic partnership with a leading agribusiness investment company, our growth strategy and vertical integration vision will gain greater momentum. The partnership with Paine Schwartz is a catalyst for the execution of our global consolidation and vertical integration plans, enabling a faster transformation in the table grape sector globally with a focus on meeting the dynamic needs of growers, retailers and consumers, worldwide.”
Paine Schwartz Partners’ portfolio includes US stone-fruit supplier Wawona Packing, which last week announced a merger with California-based fruit business Gerawan Farming. It also has investments in European farming group Spearhead International and vegetable seeds supplier Verisem.
Kevin Schwartz, Paine Schwartz Partners’ CEO, said: “We share a common passion for the global fresh produce sector and a common vision for the unique growth opportunities that exist for AM Fresh within table grapes.”
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By GlobalData
