Frutura has signed an agreement to acquire Uruguay-based Citrícola Salteña (Caputto), a global supplier and marketer of citrus and juice. The company will be renamed Frutura Uruguay, signaling the growing importance of LATAM to Frutura, and following its 2021 acquisition of Peru’s Agrícola Don Ricardo.
The agreement-to-acquire is the result of an auction of assets through block sale, led by the Banco de la República Oriental del Uruguay and adjudicated in the court system of Montevideo, Uruguay. Frutura was notified they were among qualified bidders on March 8th and the auction was held in Montevideo on March 15th. Citrícola Salteña requested a bankruptcy action in 2019 and the Commercial Defense League (Lideco) has served as the court-appointed trustee since that time.
“Acquiring these assets and establishing Frutura Uruguay means a lot to me personally and will be a powerful addition in service to our customers,” said David Krause, Frutura’s CEO. “The company’s reputation for high-quality fruit and history of innovation sold us on this deal. We plan to selectively infuse capital; review existing varietal offerings; and enhance process efficiencies. We expect that each move will be meaningful for Frutura Uruguay’s growth.”
Romain Corneille, who was instrumental in discussions during Frutura’s due diligence, has been appointed Frutura Uruguay’s new executive director. Corneille previously served as CEO of Argentina-based San Miguel Global and has deep experience throughout LATAM.
Alejandro Buratovich, who resides in Uruguay and will serve as Frutura’s local representative, has been named CEO. Corneille and Buratovich worked closely together at San Miguel Global and form a well-established and strong team as they guide the business going forward. Frutura anticipates significant new synergies in the region, thanks to its growing network and the leadership of these two seasoned executives.
One of the team’s priorities will be to build on the environmental heritage of Citrícola Salteña. Uruguay enjoys the protection of both the Atlantic Ocean and the Río de la Plata, making it a fertile ecosystem, naturally well-suited to the cultivation of premium citrus. An abiding commitment to the principals of ESG is foundational at Frutura and remains a keen focus of the company in every country in which it does business.
Citrícola Salteña is also known for introducing innovation and automation to agriculture, including the early adoption of technology in the groves. It continues to invest in agronomic research and has engineered best-in-class packing, grading and sorting systems in Uruguay, ensuring fruit consistent in size and color. Frutura Uruguay will build on this innovation legacy through the collaboration and exchange of best practices that is part of becoming a Frutura company.