ADQ to acquire a significant stake in Unifrutti
ADQ, an Abu Dhabi-based investment and holding company, has entered into an agreement to acquire a majority equity stake in Unifrutti Group, a global producer and distributor of fresh produce, from existing shareholders.
“We are developing our food and agriculture portfolio with the aim of generating strong financial returns while bolstering food resilience in the [United Arab Emirates]," Gil Adotevi, executive director of food and agriculture at ADQ, said in a news release. "Our investment in Unifrutti would enable ADQ to develop a global platform for fresh produce that complements our other portfolio companies throughout the food value chain. We believe our long-term strategic investment will help accelerate Unifrutti’s next phase of growth and build on its strong position as a leader in the global fresh produce sector.”
Founded in 1948 by the Italian entrepreneur Guido de Nadai as a fruit and vegetables trading company, Unifrutti today is a global company, producing in four different continents and distributing in over 50 countries, according to the Unifrutti website. Unifrutti distributes more than 100 varieties of fresh produce, including apples, bananas, cherries, grapes and citrus fruits. With approximately 560,000 tons of fresh fruit sold annually and more than 35,000 hectares of farms across four continents, the group operates with full integration along the value chain, serving more than 500 customers in 50 countries, according to the release.
Unifrutti had a proforma consolidated turnover of $709 million in 2020, with a total of approximately 11,000 employees in head offices and divisions in Japan, Chile, South Africa, the Philippines, Italy, Spain, Argentina, Ecuador, Turkey, the Middle East, China and India, according to the Unifrutti website.
“ADQ’s track record in the food and agriculture sector makes the company an ideal major shareholder and investor," the De Nadai and Mondin families, speaking on behalf of Unifrutti Group shareholders, said in the release. “We share a common belief in the global growth potential of the fresh produce sector and a strategy to capture commercial opportunities present in the sector to generate sustainable growth. As such, this agreement is a significant milestone in Unifrutti’s journey, and ADQ’s investment will enable us to expand our global footprint in line with our long-term development strategy.”
The proposed investment in Unifrutti, the release said, will build on ADQ’s food and agriculture portfolio, according to the release. Its portfolio includes investments in Louis Dreyfus Company, one of the world’s largest vertically integrated food, feed, fibers and ingredients companies; Silal, Abu Dhabi’s leading fresh produce and agri-tech company; Al Dahra Holding, an Abu Dhabi-based global leader in forage and other agribusiness sectors; and Agthia Group, one of the region’s leading food and beverage groups.
Completion of the transaction is subject to customary closing conditions, including regulatory approvals, according to the release.
