Following the agreement between International Fruit Genetics LLC (IFG) and Special New Fruit Licensing Limited (SNFL), the consortium led by AMFRESH Group, as well as the Swedish fund EQT and the American fund Paine Schwartz Partners (PSP), for the purchase of the entire IFG business by SNFL, Jack Pandol initiated legal action to block the transaction.
On 11 July the arbitrator rejected all the claims made by Jack Pandol, allowing the transaction to proceed. SNFL expects to close the transaction in the coming weeks.In March 2022, IFG and SNFL entered into an asset purchase agreement for the purchase of the entire IFG business by SNFL. Minority owner Jack Pandol, outbid by SNFL in an auction process conducted by Credit Suisse, resorted to unfounded legal action to try to block the transaction. He also has waged a persistent disinformation campaign claiming his rights had been violated, he was being treated wrongfully, and that the asset purchase agreement was unlawful. After an eight-day evidentiary hearing that considered all of Mr. Pandol’s allegations, the arbitrator – a highly respected retired judge – rejected all of Mr. Pandol’s claims. The arbitrator held that no contract has been breached, no fiduciary duties disregarded, and that IFG’s managers ran the sales process properly and respected Mr. Pandol’s rights – and entered into a lawful asset purchase agreement. The arbitrator held that the transaction may go forward.
Alvaro Muñoz, AMFRESH CEO, points out, “our entire team and partners are proud to be able to move forward with the green light of the arbitration. This is the beginning of a breakthrough for the fresh food sector and our greatest ambition is to foster the most innovative, natural, sustainable and healthy products to delight consumers globally. Our aim is to increase consumption and market size of fresh, healthy and affordable products globally.”
Additionally, Bluestone Food and Tech, Alvaro Muñoz's family holding, closes an agreement to become the sole 100% equity partner of AMFRESH Group and acquire 100% of AMC Group. The deal has the full support of all the executive and non-executive board members of Bluestone and AMFRESH . It has also been supported by all the banking partners of the Business Group, as well as the partners in various investments that AMFRESH holds in Genetics and Technology (EQT and PSP). This will give AMFRESH total freedom to invest in the different agribusiness and agri-technology breakthroughs the group fully endorse.
The group will follow its strategic plan with the objective of doubling its sales (currently €1.5 Billion in 2023) to reach €3 Billion in 2028 and tripling its EBITDA in the same timeframe.
Pablo Sánchez-Lozano, COO of AMFRESH Group, says "We have been working on the integration of our supply chain with the aim of always adding value to our retail partners. Our focus is on offering innovative solutions that allow differentiation and are always based on technology. We have tools that cover the full cycle including genetics, agriculture, technology and sustainable practices; our degree of flexibility is unparalleled, and our customized models adapt to all clients, geographies and categories”.
Enrique López, CFO of AMFRESH Group, highlights “The Bluestone equity transaction allows us to focus AM Fresh objectives in the best possible way, because the determined support of the holding will give us the opportunity to promote the investment projects that we already had in our portfolio, thus consolidating our model of sustained growth and providing it with greater agility. The Group’s performance gives us full confidence that we will achieve our objectives until 2028. We also have the support of our agricultural partners, retailer partners and the financial community at a global level.”
For more information:
Patricia Sagarminaga
AMFRESH Group
Email: Patricia.sagarminaga@amfresh.com
www.amfresh.com