Paine Schwartz Partners, EQT Future and AM FRESH have struck a merger deal to combine International Fruit Genetics and Special New Fruit Licensing, to create a new company called Bloom Fresh International.
Paine Schwartz took a partial realization of its preexisting investment in SNFL by selling some of its equity in the business to EQT, proceeds from which will be reinvested into the new combined entity.
In a separate transaction, Paine Schwartz, EQT and AM FRESH acquired IFG together, in a co-ordinated move that allowed them to merge SNFL and IFG to create Bloom Fresh International.
“A combined SNFL and IFG, with expanded resources, will be able to achieve an increased rate of innovation in sustainable grower solutions, targeting issues such as disease resistance, climate variability and water reduction, as well as drive unique value propositions for consumers targeting flavor, health attributes and freshness,” Paine Schwartz said in a statement.
The firm drew from its fifth fund in September 2019 to acquire its 30 percent stake in SNFL, a subsidiary of AM FRESH. During the time since, the firm explained in its statement, Paine Schwartz has developed a more aggressive licensing plan and expanded into markets including Australia and China.
“Our journey transforms competition into collaboration,” AM FRESH chief executive Alvaro Munoz said in a statement. “Our goal remains steadfast: to serve our growers, retailers and customers with excellence, backed by unwavering commitment to innovation and sustainability.
“Our goal at AM FRESH and Bloom is to excite consumers worldwide with superior eating, tasting and nutritional produce that shall increase demand and market size for sustainably produced and improved natural fresh fruits,” Munoz added.