AMFresh acquisition of IFG moves a step closer

Attempts by Jack Pandol to block AMFresh’s acquisition of International Fruit Genetics (IFG) appear to have failed. On Wednesday last week, AMFresh released a statement: “Following the agreement between International Fruit Genetics (IFG) and Special New Fruit Licensing (SNFL), the consortium led by AMFresh Group and 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 assigned to decide on the matter rejected all the claims made by Jack Pandol, allowing the transaction to proceed.”

SNFL said it expects to close the transaction in the coming weeks. AMFresh CEO Alvaro Muñoz commented: “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”.

Meanwhile, Bluestone Food and Tech, Alvaro Muñoz’s family holding, has closed an agreement to become the sole 100 per cent equity partner of AMFresh and acquire 100 per cent 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). AMFresh said the deal would give it total freedom to invest in the different agribusiness and agri-technology breakthroughs that the group endorses.