Amfresh and EQT acquire IFG, launch new global breeding company

Amfresh Group, in partnership with EQT Future and Paine Schwartz Partners, has acquired IFG, or International Fruit Genetics, a global table grape and cherry breeding company, according to a release. The companies have merged with Amfresh’s SNFL Group, an industry leader in table grape genetics, to form a new global breeding entity: Bloom Fresh International, the release said. 

"Today signifies a pivotal moment, uniting two global breeding forces,” Amfresh CEO Alvaro Muñoz said in the release. “Our journey transforms competition into collaboration, uniting our stakeholders.

“Our goal remains steadfast: to serve our growers, retailers and consumers with excellence, backed by an unwavering commitment to innovation and sustainability," he continued.

The acquisition and merger brings together IFG’s expertise in table grapes and cherry genetics with Amfresh’s citrus and tropical genetic platform Genesis Innovation, Muñoz added.

Bloom expects to accelerate traditional fruit varietal breeding, while embracing sustainable practices, the release said.

Pioneering innovation in agri-tech

“The newly formed Bloom represents a bold commitment to enhancing the lives of consumers across the globe by cultivating a spectrum of healthier, more sustainable and flavorful fruit offering,” the release said.

Bloom aims to combine traditional breeding practices with innovative agri-tech to deliver on quality and taste, while “simultaneously enhancing customer-centric varieties [and] reducing resource consumption,” the release said.

"I am incredibly honored to step into this leadership role for Bloom,” newly appointed Bloom CEO Kenneth Avery said in the release. “The future is ripe with opportunity, and I am genuinely excited about the transformative impact we will have on the industry. Together, we will drive innovation as we cultivate a new era of flavors, nutritional benefits and sustainable practices that resonate far beyond the farm."

EQT Future's strategic investment in Bloom echoes its commitment to fostering industries that champion positive change, according to the release.

"We are thrilled to have the opportunity to support Bloom, an innovative breeding company that is at the forefront of fruit breeding,” Carl Johan Renström, partner within EQT Future's advisory team, said in the release. “We hope the partnership will accelerate Bloom's growth while potentially also shaping the wider fruit industry for the better.”

Bloom’s breeding platform will invest heavily in technology, sustainable practices, advanced farming techniques and resource-efficient, high-yield cultivars, the release said.

The newly formed Bloom has a global footprint across 22 countries. Bloom says it plans to introduce its global team to the industry at the upcoming Fruit Attraction in Madrid, Oct. 3-5. 

Amfresh is the controlling shareholder of Bloom, with significant minority investment from EQT Future and continued investment from Paine Schwartz Partners, the release said. Bloom and the consortium were advised by Morrison Foerster, Allen & Overy, Pérez Llorca, PriceWaterhouseCoopers and Dentons UK.

Related: IFG invests $14M with aim to become world leader in fruit varieties