Fremman Capital has announced its acquisition of a majority stake in The Natural Fruit Company (TNFC) from GPF Capital and Label Investments.
TNFC is an international citrus company, with activities spanning the processing, distribution and commercialisation of fruits such as lemons, oranges and tangerines, as well as pomegranates and persimmons.
The Spain-headquartered company acquired Spanish lemon business Frugarva last year, 11 months after GPF Capital integrated Fruxeresa and Frutas Naturales into The Natural Fruit Company.
TNFC controls around 900 hectares of plantations across Spain – which are mainly oriented towards organic production – and operates eight processing facilities in the country.
The company has a total processing capacity in the region of 400,000 tonnes of fruit per year.
The Natural Fruit Company co-CEOs, Fernando Castelló Naya and Francisco Marin, said: “We are thrilled with the opportunity ahead. As strong believers in the business and compelling future, we are happy to continue backing The Natural Fruit Company in the long-term, and to welcome Fremman Capital into this new chapter together.”
Fremman founding partner and CEO, Ricardo de Serdio, said: “We are very pleased with the agreement reached with selling shareholders and that GPF Capital will continue to be highly involved.
“GPF has done an excellent job as shareholder integrating three companies in less than two years, including backing a superb management team where all the main managers are very relevant shareholders, as well as growing the business significantly above market.
“We are confident that Fremman’s team’s expertise in business services and consumer goods, consolidation processes and ESG focus will support the management team to continue creating value in the future, through organic and inorganic growth.”
The transaction, which is subject to customary closing conditions, is expected to close this month. The financial terms of the deal have not been disclosed.
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