Investcorp acquires agriculture business

05 December 2016

Manama-based Investcorp has completed the acquisition of a majority stake in Spain’s Agromillora Group.

Investcorp paid around €200m ($189m) for the stake, according to October press reports.

The founders and management team will retain a minority stake, while Spanish private equity firm Nazca is exiting its investment.

Agromillora produces rootstock for high yielding plants and trees, with a focus on permanent crops, including stone fruits, citrus, nuts, berries, olive trees and grape plants. It developed high-density planting to improve yields.

The company 11 production facilities in nine countries including Jordan and Morocco, supplies 300 nurseries and 1,500 growers in more than 25 countries and employs over 1,200 worldwide. In 2016 the company plans to produce and sell more than 65 million plants worldwide.

Nazca acquired a minority stake in Agromillora in an equity increase in 2013, for a reported consideration of €15m. It produced 30 million plants in 2012 and achieved sales of €28m. Nazca’s aim was to reach sales of €65m by 2016.

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