Mubasher: Investcorp Bank said Sunday that it has completed the acquisition of a majority stake in Agromillora Group.
Under the agreement, the founders and management team of Agromillora Group will keep a minority stake in the company as part of the transaction, according to a statement.
Agromillora’s growth in recent years has been driven by its consistent innovation, in addition to the international expansion in North and Latin America, Australia and the Middle East.
This year, the company plans to produce and sell more than 65 million plants worldwide, the statement noted.
“Demand for Agromillora’s products and high-density plantation models is supported by favorable long-term trends driven by increasing population, GDP per capita and, ultimately, food consumption which in turn requires continuous improvements in agricultural land productivity,” Mohammed Al-Shroogi, Co-CEO at Investcorp, said.
“We believe that Agromillora’s diversified revenue mix across geographies and crops, combined with the company’s track record as an innovator in its industry, ideally positions it to continue its successful expansion into new markets. We look forward to working with Agromillora’s first-rate management team to help the company achieve its long-term growth ambitions,” he added.
Fahad Murad, Managing Director at Investcorp in Bahrain, said, “Over the past 12 months, Investcorp’s European corporate investment team has acquired five new portfolio companies and exited nine, making it the most active period for the team since its inception. We believe that Agromillora is an excellent fit for the portfolio”.
