IFG acquisition close, Amfresh Group says

Bakersfield, Calif.-based International Fruit Genetics LLC will soon be acquired by an ag innovation group based in Spain, according to a news release.

There has been an agreement between IFG and Special New Fruit Licensing Ltd., the consortium led by the Spanish-based Amfresh Group, as well as the Swedish fund EQT and the American fund Paine Schwartz Partners, for the purchase of the entire IFG business by SNFL.

Jack Pandol, IFG co-founder, grape grower and CEO of Shafter, Calif.-based Grapery, earlier initiated legal action to block the transaction, the release said. However, on July 11 the arbitrator assigned to decide on the matter rejected all the claims made by Pandol, allowing the transaction to proceed, the release said.  

SNFL expects to close the transaction in the coming weeks, according to the release. 

“Our entire team and partners are proud to be able to move forward with the green light of the arbitration,” Amfresh CEO Alvaro Muñoz said in the release. “This is the beginning of a breakthrough for the fresh food sector and our greatest ambition is to foster the most innovative, natural, sustainable and healthy products to delight consumers globally. Our aim is to increase consumption and market size of fresh, healthy and affordable products globally."

Additionally, Bluestone Food and Tech, Muñoz's family holding, is closing an agreement to become the sole 100% equity partner of Amfresh Group and acquire 100% of AMC Group, the release said.

IFG, which boasts 48 patented table grape varieties and 10 planted sweet cherry varieties, said in a release that IFG and SNFL entered into an asset purchase agreement in March 2022 for the purchase of the entire IFG business. The release said minority owner Pandol was outbid by SNFL in an auction process conducted by Credit Suisse. Despite Pandol's claims that the asset purchase agreement was unlawful, IFG said in the release that the claims have "always been without basis and an independent arbitrator has now confirmed it."

"With the anticipated completion of the ongoing regulatory review process, the transaction is expected to close within the next few weeks," IFG said in the release. "With the regulatory review nearing completion, IFG, Amfresh and SNFL are excited about the vibrant opportunities this acquisition will unlock for the industry as a whole."

Last summer, Bakersfield.com reported that Pandol and IFG were then in a legal battle over the direction of the company. Pandol could not immediately be reached for comment July 12.

Amfresh Group Chief Operating Officer Pablo Sánchez-Lozano said in the release that Amfresh is a leader in varietal genetic development for fresh food.

“[Amfresh] operates seamlessly by maintaining long-term agreements with its global retail partners and using an open-book policy,” he said in the release.