Fiera Comox acquires Innoliva from Cibus Capital

The sale represents Cibus Capital’s first exit of a wholly owned portfolio company from the $322m Cibus Fund I.

Fiera Comox has acquired Spanish extra virgin olive oil business Innoliva Group from Cibus Capital. Financial details were undisclosed.

Cibus acquired its 99 percent stake in Innoliva in 2017 and it was the largest asset in its Fund I, the firm said. Fund I closed on $322 million in 2019 and took $130 million in co-investments.

During Cibus’s five-year hold of the asset, “Innoliva has doubled its footprint from 4,300 hectares of super high density olive oil production to over 8,300ha of diversified products including almonds and table olives and completed the conversion of over 2,300ha of olive orchards to organic production,” the firm said. The sale marks Fund I’s first exit of a wholly owned portfolio business.

Cibus Capital founder and chief investment officer Robert Appleby said: “Innoliva was the first buyout executed by Cibus Fund I.

“We engaged an excellent management team, which transformed a humdrum olive oil producer into a business that has produced excellent financial returns while espousing world-class sustainability practices. We are grateful to our stakeholders for their ongoing commitment to our strategy and to the new owners, whom we are confident will continue Innoliva’s successful growth trajectory.”

Cibus Capital is currently in market raising the second generation of its flagship vehicle, which has raised $340 million against a $600 million target, according to Agri Investor’s database.

The firm’s venture capital strategy, Cibus Enterprise Fund II, has raised $85 million against a $200 million target. Enterprise Fund I closed on $66 million in 2020 and took $50 million in co-investments.

Cibus Fund II has made investments into Australian vegetable seedlings supplier Withcott Seedlings, British cell-grown tree producer Alba Trees, and Dutch sustainable greenhouse operator Duijvestijn Tomaten.

The investment into Duijvestijn Tomaten forms part of a wider greenhouse strategy to build out out up to 150ha of strategically located greenhouses across Europe that will repurpose waste heat, energy and CO2.

Fund II’s seven target sectors are controlled environment ag, permanent crops, soil and crop health, animal health, human food and health, aquaculture and natural capital.