Citri&Co and PSP Investments form strategic partnership
Citri&Co, a leading European vertically integrated fresh fruit company and a Miura Partners portfolio company, has formed a long-term strategic partnership with the Public Sector Pension Investment Board (PSP Investments) to acquire and manage agricultural land.
According to a report by PR Newswire, under the terms of the strategic partnership, PSP Investments, one of Canada's largest pension investment managers, will acquire farmland, primarily comprised of citrus fields in Spain; while Citri&Co will operate and manage the farmland, leveraging its decades of experience and technical expertise.
Consistent with its vertically integrated, "field-to-table" model, Citri&Co will continue the packing, distribution and sale of all produce grown on the properties.
Carlos Blanc, CEO at Citri&Co commented: "Our strategic partnership with PSP Investments will reinforce our value proposition allowing us to focus on… [being] a 12-month, high-quality fresh fruit supplier, ensuring the best standards across the supply chain, from the field to the table.”
PSP Investments and Citri&Co share a commitment to sustainable agricultural development. PSP Investments has committed to use its capital and influence to support the transition to global net zero by 2050, while Citri&Co has officially verified and audited its carbon neutrality in corporate activity and citrus production in Spain.
“In addition, we are 100% aligned with PSP Investments' fundamental values as they cherish the land acquired under their sustainability principles,” stated Blanc.
Marc Drouin, Senior Managing Director, Real Assets and Global Head of Natural Resources Investments at PSP Investments, echoed that "Citri&Co represents an ideal partner for PSP Investments in the European fresh produce sector, particularly given Spain's status as the leading global producer and exporter of citrus fruit.”
“Backed by Miura Partners, Citri&Co's top-tier management team has grown the company significantly. This new partnership with Citri&Co is aligned with our strategy of adding high-quality, sustainable agricultural assets with long-term growth potential to our portfolio”, he added.
Both parties, together with Miura Partners, will continue to seek opportunities for the acquisition, development and management of agricultural land, which will strengthen Citri&Co's position as a year-round supplier of fresh fruit.
Jordi Alegre, Managing Partner at Miura Partners, explained that. "Together with PSP Investments we are launching Citri&Co to new heights, in terms of value proposition, to growers and retailers in Europe and worldwide as we seek new opportunities of sustainable growth."