Bahrain-based Investcorp has bought a majority stake in the Spanish agricultural technology group Agromillora, which develops high-yielding plants and trees.
The alternative investment firm did not disclose the amount paid for the business but said that Agromillora’s founders and management team will remain with the business and have retained a minority stake.
Agromillora was founded in 1986 and develops permanent crops including fruits, nuts, berries and olive trees.
It began by producing fruit trees and vines but in the 1990s it developed a technology for producing high-density, high-yielding olive trees.
It then went on to develop similar methods for improving yields from almond, citrus and other fruit trees.
It now has five tissue-culture propagation laboratories and 11 production facilities in five continents, including bases in Jordan and Morocco. The company expects to sell more than 65 million plants this year.
Mohamed Sammakia, the managing director at Investcorp in the UAE, said: “Agromillora benefits from a diversified business model and is led by an excellent management team, which make it an ideal candidate for geographic expansion.
“I believe that we will be able to add significant operational and financial expertise to help the company achieve its long-term strategic ambitions.”
mfahy@thenational.ae
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