[ad_1]
News Highlights
- This transaction brings together two very complementary businesses with the potential to better address the growing global demand of table grapes
- The combination of IFG’s and SNFL’s gene-pools and their Research & Development engines that have been developed over the last 20 years will position the combined enterprise as an ideal platform to satisfy demanding grower needs in the area of crop yield and sustainability
- Unite highly complementary transaction of different germplasms, including SNFL’s innovative platform of mainstream varieties with disease resistant and high-antioxidant genetics with IFG’s signature customer-first approach and unique flavored varieties to scale to deliver grower solutions and capabilities resulting in an enhanced value to partners and consumers
- The integration of these programs will enable a wide array of more sophisticated varieties with attractive traits and characteristics which will provide easier access to varietal diversity, along with a better and cleaner eating experience for consumers
BAKERSFIELD, Calif., March 08, 2022 (GLOBE NEWSWIRE) — AM FRESH Group and Special New Fruit Licensing (SNFL) today announced a definitive agreement under which AM FRESH is acquiring International Fruit Genetics (IFG) and merging it with SNFL, creating a combined company that significantly advances SNFL’s and IFG’s abilities to further develop their breeding capacities and add to their innovative portfolio to address unprecedented industry demand. AM FRESH will be the controlling shareholder of the combined entity, with significant minority investment from EQT Future and continued investment from Paine Schwartz Partners.
The combined company will accelerate varietal breeding, development and commercialization, benefiting licensed growers, partners and consumers with more sustainable alternatives and improved varietal options. Together, AM FRESH, SNFL and IFG will propel innovation at large, ease production management for growers and facilitate commercialization to retail partners in order to deliver innovative varieties to consumers on a year-round basis.
“We are committed to delivering fresh, natural and healthy goods to excite consumers and we strive to create the next frontier of sustainable fresh foods for the benefit of all,” said Alvaro Muñoz, CEO of AM FRESH Group. “Together with IFG, we will spearhead varietal innovation and deliver a comprehensive portfolio of innovative varieties which are nature and health positive benefiting growers, our retail partners and consumers. Through our combined R&D, innovation, agritech capabilities and high-quality standards, we are able to offer fresh propositions to our partners and together propel the table grape industry to the next level.”
“This transaction represents a huge advancement for the entire industry,” said IFG CEO Andy Higgins. “Since our establishment, IFG’s mission, our challenge and our inspiration has been to grow our fruit categories, and this merger is another example of this. SNFL and IFG have complementary gene pools and breeding teams focused on different development…
Full story available on Benzinga.com
[ad_2]
Source link