Bahrain’s Investcorp has completed the acquisition of a majority stake in Spanish agricultural firm Agromillora.
Under the deal, Investcorp said the founders and management of the company would maintain a minority stake.
Agromillora focuses on high yielding permanent crops including stone fruits, citrus, nets, berries olive trees and grape plants.
It has diversified from high-density planting in the 1990s to providing high quality plants formed through tissue culture propagation laboratories located across five continents and high-desnity plantation models.
Investcorp said the company now has 11 production facilities in nine countries and reaches 300 nurseries and 1,500 growers.
The firm has 1,200 employees and plans to grow to 65 million plants globally this year, it added.
“Demand for Agromillora’s products and high-density plantation models is supported by favourable long-term trends driven by increasing population, GDP per capita and, ultimately, food consumption which in turn requires continuous improvements in agricultural land productivity,” said Mohammed Al-Shroogi, co-CEO at Investcorp.
“We believe that Agromillora’s diversified revenue mix across geographies and crops, combined with the company’s track record as an innovator in its industry, ideally positions it to continue its successful expansion into new markets.”
Investcorp’s European operation has acquired five new portfolio companies and exited nine in the past 12 months.
New acquisitions have included European cyber security firm Coresec and Italian fashion brand Corneliana. It also sold UK crisp brand Tyrrell’s in August.
Elsewhere, the company acquired $250m worth of US real estate properties last month.