Argentina: Prima Group acquires majority stake in Moño Azul

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Argentina: Prima Group acquires majority stake in Moño Azul

Prima Group has acquired a majority stake in Moño Azul, one of Argentina's most established apple and pear companies in the Valle del Río Negro and Neuquén regions.

The transaction was completed earlier this week, according to local media.

Prima - whose main shareholders, the Sanchez family, also own Patagonian Fruits Trade - markets pome fruit, table grapes and kiwifruit.

"It is an important step for us and for the entire Rio Negro Valley," Prima CEO Nicolás Sánchez told Río Negro.

Moño Azul was acquired in 2008 for US$30 million by Italy-based GF Group, which now has a minority stake in the business.

The shareholding purchased by the holding includes the Vista Alegre packing and refrigeration facilities and the Villa Regina complex, in addition to approximately 700 fruit hectares in production and 350 hectares ready to be planted.

However, the agreement does not include the former tomato factory in Otto Krause nor the offices in Guerrico.

Sanchez said the iconic Moño Azul brand had great potential to be further developed it in both the domestic and international markets.



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