AgroFresh Solutions Inc., a Philadelphia-based global ag tech innovator and provider of post-harvest produce freshness solutions for avocados, mangoes and more, has acquired post-harvest solutions provider Tessara from global investment firm Carlyle, which acquired majority ownership of Tessara in 2018, according to a release.
The acquisition expands AgroFresh’s footprint in food waste reduction and freshness solutions for table grapes and berries and bolsters the organization’s impact in growing regions in South Africa, China, Australia and South America, the release said.
“Completing this transaction with Tessara creates significant opportunities for AgroFresh to build upon our diversification strategy and further support our customers in their efforts to grow and distribute an abundant supply of sustainable fresh produce around the world,” said Clinton Lewis, CEO at AgroFresh, in a release. “The acquisition is a perfect fit given Tessara’s and AgroFresh’s alignment on leveraging science-based solutions to advance freshness across the global produce industry and we look forward to bringing the innovative team at Tessara onboard.”
Established in 1988 in South Africa, Tessara has since grown to become a leader in post-harvest preservation solutions, which it provides to fresh produce growers worldwide, the release said. The company is a provider of SO2 solutions for table grapes, berries, and flowers, protecting more than $3 billion worth of fresh produce annually in more than 30 countries.
“We are proud of the Tessara team and our distinctly South African roots and culture,” said Jaco Smit, CEO of Tessara. “We are also humbled and excited to be part of AgroFresh, the leader in the post-harvest AgTech space and, together, we will leverage our combined network and innovation resources to build a world-class market leader.”
AgroFresh, a provider of post-harvest technology for over 20 years, got its start with the commercialization of the SmartFresh Quality System, a post-harvest solution to maintain produce freshness and quality, which is now used in over 50 countries across multiple crops including avocados, apples, pears, plums, kiwis, mangoes and broccoli, the company says.
AgroFresh’s portfolio has expanded to include plant-based coatings, antimicrobial solutions, equipment and digital platforms that seek to improve quality and reduce waste across the supply chain from harvest to home.
Rabobank advised Carlyle as the exclusive financial advisor on the transaction. Serving as legal advisers for the transaction for AgroFresh were Morrison & Foerster and Bowman Gilfillan.
