Prize, Chile's leading superfruit company, announced on October 20 that it will merge with Rose Hill, heralding that Prize will soon become Chile's first U.S.-listed company with an initial value of about $425 million.
The merger transaction is expected to close in the first quarter of 2023, and the two companies will combine to form a new company and be publicly list on the Nasdaq Global Market. The common stock and warrants will trade on Nasdaq under the ticker symbols "PRZE" and "PRZE WS," respectively. The company will be the first Chilean company to be listed directly on a U.S. exchange, representing the beginning of a new wave of opportunities for foreign investors to gain access to fast-growing, profitable Latin American companies.
Rose Hill also entered into a $150 million Standby Equity Purchase Agreement ("SEPA") with Yorkville Advisors, Inc., as an additional source of equity financing for the future expansion of the combined company.
Based in Chile, Prize is a leading producer and distributor of berries and cherries in Latin America, with plans to expand year-round production internationally. The business combination with Rose Hill and the resulting public listing will allow Prize to develop in the international field of superfruit growing and processing, with a particular focus on expansion in Peru.
"Over the past 16 years, Prize has grown into a global company, serving tens of millions of people in more than 30 countries with high-quality, nutritional fruit. The next phase will be to expand the global cultivation of superfruits, producing new, more delicious varieties for differentiated consumers in the emerging Chinese market as well as in more mature markets such as the United States.
Alejandro García-Huidobro, Founder and CEO of Prize, shared, “The vision of the Rose Hill team aligns with ours to create a global superfruit platform using innovative technologies and production systems to improve our operations across the value chain and increase the productivity and resilience of our orchards to climate change."
"Rose Hill set out to unlock the potential of Latin America, leveraging the most international market on the planet, the U.S., to build a world-class company, while providing the U.S. and international investors with a well-managed, profitable, fast-growing Latin American opportunity for businesses in the Americas. After talking to dozens of companies, we found that Prize is a remarkable business that intersects with our goals, and we will join the Prize team to build the combined company into an internationally-renowned superfruit platform,” said Albert Hill, co-founder and co-CFO of Rose Hill.
