David del Curto takes 40% stake in grower led by Fedefruta president
After a year and a half of negotiations, chilean exporter David del Curto -- linked to partner Falabella Teresa Solari – sealed the purchase of 40% of Agropecuria Wapri, controlled by Fedefruta President Antonio Walker, along with Ramón Achurra, Miguel Vial and Francisco Letelier, according to Chilean newspaper La Tercera.
By raising capital, the exporter purchased 595,695 shares of Wapri, for about US$5 million. David del Curto paid a bit more than half and will pay the remainder within a year. With that, the exporter will own 40% of the company.
This is the first purchase by del Curto since 2006, when Teresa Solari invested in the property and in 2008 took control, the newspaper reported.
“Wapri went into partnership with David del Curto and did this raising of capital with the objective of continuing to grow the company,” Walker is quoted as saying. “They are exporters and were looking to grow”.
Currently, the grower has 600 hectares planted in Curico, Chile, and produces 750,000 cartons of apples, cherries, pears and kiwis each year. “The idea is to get to 1 million cartons shortly, considering that only half of the hectares are in production,” Walker said, according to the newspaper.
Wapri sells US $10 million a year. Until recent years, Walker’s brothers Ignacio and Patricio were in the company.
David del Curto, exported US $81 million in 2009, according to ProChile. The exporter sells 10 million cartons per year.