UAE investment fund to acquire majority stake in Unifrutti
ADQ, an Abu Dhabi-based investment and holding company, has closed an agreement to acquire a majority stake in the Unifrutti Group, in order to strengthen the food supply of the United Arab Emirates (UAE).
According to a statement from the UAE government, ADQ sees an opportunity to generate strong financial returns while also strengthening food resilience in the UAE.
“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,” said Gil Adotevi, Executive Director of Food and Agriculture at ADQ.
“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,” he added.
Speaking on behalf of the shareholders at Unifrutti Group, the De Nadai and Mondin families commented that “ADQ’s track record in the food and agriculture sector makes the company an ideal major shareholder and investor. 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 statement said.
The proposed investment in Unifrutti will build on ADQ’s food and agriculture portfolio. Its portfolio includes investments in Louis Dreyfus Company (LDC), 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.
Unifrutti, a global supplier of fresh fruit, was founded in 1983 by an Italian businessman in Chile. The statement said that the company currently engages in the trade and distribution of 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 14,000 hectares of farms across four continents, the group operates with full integration along the value chain, serving more than 500 customers in 50 countries.
The deal must pass regulatory approvals, and financial details of the transaction were not disclosed.