Special New Fruit Licensing Limited (SNFL), the consortium led by AMFRESH Group,  has cleared a major hurdle in its path to acquire the Fruit Genetics LLC (IFG).

This comes as the group seeks to double its sales (currently $1.6 billion in 2023) to reach $3.3 billion in 2028.

Following the purchase agreement, Jack Pandol initiated legal action to block the transaction. However, on July 11, the arbitrator assigned to decide on the matter rejected all claims made by Pandol, allowing the deal to move forward.  

SNFL expects to close the transaction in the coming weeks.

Related articles: EU clears acquisition of SNFL and IFG by AMFRESH and EQT

“This is the beginning of a breakthrough for the fresh food sector and our greatest ambition is to foster the most innovative, natural, sustainable and healthy products to delight consumers globally. Our aim is to increase consumption and market size of fresh, healthy and affordable products globally,” said AMFRESH CEO Alvaro Muñoz.

Additionally, Bluestone Food and Tech, Muñoz’s family holding, closed an agreement to become the sole 100% equity  partner of AMFRESH Group and acquire 100% of AMC Group. 

The deal has the full support of all the executive and non-executive board members of Bluestone and AMFRESH. 

It has also been supported by all the banking partners of the Business Group, as well as the partners in various investments that AMFRESH holds in Genetics and Technology (EQT and PSP). 

This will give AMFRESH total freedom to invest in the different agribusiness and agri-technology breakthroughs the group fully endorse.