Hortifrut sells 75% share in fields in Peru, to a strategic partner for nearly US$90 million

Hortifrut, the world's leading business platform in the production and marketing of fresh and frozen berries, reported today that it had completed the sale of 75% ownership of HFE Berries Perú SAC to a subsidiary 100% owned by the Public Sector Pension Investment Board (PSP Investments).

PSP is one of Canada's largest pension fund managers. HFE Berries Perú SAC owns 100% of the Olmos field, located in Peru and which has a planted area of 397 hectares.

This 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 managing partner and operator, being able to accelerate its growth based on its strength in agricultural scaling and management, worldwide commercialization, and its genetic program.

It is worth mentioning that, as part of this strategy, Hortifrut acquired 50% ownership of HFE Berries Perú SAC within the transaction carried out in December 2021, through which it purchased 100% of the shares of Atlantic Blue in Spain. Now, with this sale, part of the value of the purchase of Atlantic Blue 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% HFE Berries Peru of US$117.3 million, and it is estimated that it will have a positive result for the company of approximately US$37 million.

The company's CEO, Juan Ignacio Allende, highlighted that "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 the growing demand of our customers for our products".

According to Allende, "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 commercial platforms, maintaining our world leadership and balancing our investment portfolio between agricultural, commercialization, and genetics businesses."

Source: Hortifrut

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