Paine Schwartz Partners has made a 30 percent investment into AM FRESH’s subsidiary company, Specialty New Fruit Licensing. The value of the investment was not disclosed.
The partnership commits Paine Schwartz to “joint funding” and will see AM FRESH retain a majority ownership position in SNFL.
AM FRESH is a fresh food producer and SNFL is described by the company as a platform that develops, licences and commercialises patented table grape varieties. A statement from the two companies said Paine’s involvement and future investment into SNFL will accelerate the company’s “activities in varietal breeding, development and registration.”
“We believe that through a strategic partnership with a leading agribusiness investment company, our growth strategy and vertical integration vision will gain greater momentum,” said AM FRESH CEO said Alvaro Muñoz in the statement.
“The partnership with Paine Schwartz is a catalyst for the execution of our global consolidation and vertical integration plans. [It will] enable faster transformation [of] the table grape sector globally, with a focus on meeting the dynamic needs of growers, retailers and consumers worldwide.”
It is not clear if the investment into SNFL was made through Fund V.
CEO and founding partner of Paine Schwartz Partners Kevin Schwartz said: “We share a common passion for the global fresh produce sector and a common vision for the unique growth opportunities that exist for AM FRESH within table grapes.”
Both Paine Schwartz and AM FRESH were unavailable for comment.