Wednesday, December 6, 2023

Garrigues advises Edify on Agromillora acquisition

Garrigues has advised the investment holding Edify on its acquisition of Barcelona-based Agromillora, together with its founders


Investcorp, a leading global manager of alternative investment products, has announced that it has sold its majority stake in Agromillora to the founders of Agromillora and to Edify, the investment holding company controlled by the Despature family. The financial terms of the transaction were not disclosed.

After closing the transaction, the founding shareholders will own a majority of 55% of the Company and Edify a percentage around 43%. Vivai Cooperativi Rauscedo, a historical minority partner with Agromillora, will hold the remaining percentage.

Founded in Barcelona in 1986, Agromillora is a global provider of advanced plant propagation services to the agricultural industry with a focus on permanent crop producing trees including stone fruit trees, citrus trees, almond and other nut trees, olive trees, berries and vines.

Investcorp invested in Agromillora in December 2016 and has worked closely with its founders and management team to drive growth through international expansion and continuous innovation. This has included supporting Agromillora to strengthen and expand its market position, investing over €30m in growth initiatives across Europe, the US, Latin America, and Australia and ultimately increasing the adoption of high-density plantation models across crops and geographies.

Daniel Lopez-Cruz, head of European Private Equity at Investcorp, said: “This investment is another example of Investcorp’s strategy of working in partnership with founders and management teams to execute on an ambitious agenda of value creation initiatives. I’m confident that Agromillora will build on these strong foundations to continue on its growth journey.”

Jordi Mateu, CEO of Agromillora, added: “Investcorp has been a true partner to us over the last five years supporting the development of Agromillora, which is now in great shape for the further opportunities that lie ahead.”

Since 2012, Investcorp has invested €1.7 billion in companies across Europe. The successful sale of Agromillora follows other successful previous investments in other Spanish companies, such as Grupo Esmalglass-Itaca and Fritta, and follows the sale of another portfolio company, Dainese, announced in March 2022.

Garrigues advised Edify with a Barcelona office team led by partner Naiara Bueno, senior associate Arturo Noguer, and associate Aida Pérez.

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