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AM Fresh Group to acquire IFG and merge it with SNFL
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Thursday, 10 March, 2022, 14 : 00 PM [IST]
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Bakersfield, USA
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AM Fresh Group and Special New Fruit Licensing (SNFL) have announced a definitive agreement under which the former is acquiring International Fruit Genetics (IFG) and merging it with SNFL, creating a combined company that significantly advances SNFL’s and IFG’s abilities to further develop their breeding capacities and add to their innovative portfolio to address unprecedented industry demand. AM Fresh will be the controlling shareholder of the combined entity, with significant minority investment from EQT Future and continued investment from Paine Schwartz Partners.
The combined company will accelerate varietal breeding, development and commercialisation, benefiting licensed growers, partners and consumers with more sustainable alternatives and improved varietal options. Together, AM Fresh, SNFL and IFG will propel innovation at large, ease production management for growers and facilitate commercialisation to retail partners in order to deliver innovative varieties to consumers on a year-round basis.
“We are committed to delivering fresh, natural and healthy goods to excite consumers and we strive to create the next frontier of sustainable fresh foods for the benefit of all,” said Alvaro Muñoz, AM Fresh group CEO. “Together with IFG, we will spearhead varietal innovation and deliver a comprehensive portfolio of innovative varieties which are nature and health positive benefiting growers, our retail partners and consumers. Through our combined R&D, innovation, agritech capabilities and high-quality standards, we are able to offer fresh propositions to our partners and together propel the table grape industry to the next level.”
“This transaction represents a huge advancement for the entire industry,” said IFG CEO Andy Higgins. “Since our establishment, IFG’s mission, our challenge and our inspiration has been to grow our fruit categories, and this merger is another example of this. SNFL and IFG have complementary gene pools and breeding teams focused on different development pathways. While much of IFG’s focus has been on consumer traits and flavour, SNFL’s focus has been centred on health benefits, diseases tolerance and other important grower traits. Together, AM Fresh Group, SNFL and IFG will provide more variety choices to consumers, more industry solutions for growers, and an accelerated pace of innovation for the fruit breeding industry. This acquisition will bring forward the best that our companies have to offer as we build a dynamic foundation for the future.”
“IFG set out 20 years ago to change an industry. This combination of businesses is a ‘marriage of the minds’ as both AM Fresh Group and Sunridge Nurseries began as small family businesses working toward building something better in the fruit breeding industry,” said Higgins. “The type of ‘start-up spirit’ that propelled both of these companies to their current level of success is still thriving, as is our mutual commitment to meet the needs of our employees, licensees, partners and consumers.”
Retailers and consumers will equally benefit through the sophistication and development of the table grape category. SNFL’s and IFG’s combined efforts strive to increase the offer and possibilities of breeding differentiation.
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