Chilean fruit exporter Subsole has signed an agreement to sell to Frutura, a sales and marketing network formed in 2021 with the acquisition of Agrícola Don Ricardo in Peru, Dayka & Hackett in California and TerraFresh Organics U.S., as well as the addition of Frutura Uruguay in March 2022.
Subsole is the largest Chilean exporter of table grapes to the U.S., Europe and Asia, according to a news release. The company also offers citrus, kiwis, avocados, cherries and pomegranates. To date, the company has shipped 10 million boxes of fruit to customers in more than 40 countries, the release said. Subsole management credits the company’s longevity to employees getting things done with innovation and sustainability along every step of the production supply chain.
“Having a strong presence in Chile is integral to our growth strategy, so we’re delighted that Subsole is now part of our portfolio,” David Krause, CEO at Frutura, said in the release. “Chile’s a mature player and the global marketplace respects the country’s well-earned reputation for high-quality fruit.”
Building on the foundation at Subsole, Frutura intends to capitalize on the company’s grape and cherry deals.
“We’re excited about the ways we can add value to Subsole’s table grape business as they lean into superior, proprietary varietals,” Krause said in the release. “And the demand for cherries, particularly from China, makes that a crop of significant potential that we intend to accelerate.”
At the heart of Subsole’s culture is a sense that, despite its growth, the company remains a family of farmers, the release said. The architect of this focus on farmers is Subsole co-founder Miguel Allamand, who will become a shareholder in Frutura and will serve as chairman emeritus to the new company.
“Becoming part of Frutura will allow Subsole to reshape, in a profound way, how we supply and run our business,” Juan Colombo, CEO at Subsole, said in the release. “It will allow us to generate new synergies and new opportunities as we recalibrate our business environment.”
There are always adjustments in mergers, but these two companies are familiar with each other.
“The fact that we already know and have even partnered with many of the individuals associated with Frutura and its companies made this a very comfortable climate for discussion,” Colombo said in the release. “We’re impressed by Frutura’s disciplined approach to the business and I’m convinced that being a part of their team will add immediate value to our operations.”
Since its inception, Subsole has sought to ensure that its policies and processes respect the environment, particularly in the areas of social responsibility, effective soil management, water awareness and energy usage. Subsole was the first agricultural operation in Chile to design and install a photovoltaic power plant in Copiapo, making the energy captured clean and renewable.
