ADQ, an investment company and holding company controlled by the Abu Dhabi government, has announced an agreement to acquire from its current shareholders a majority stake in Unifrutti Group, the world's leading producer and distributor of high quality fresh products.

Financial terms of the transaction were not disclosed.

Founded in the 1940s by Giulio de Nadai, the company from the Marche in 2020 achieved a turnover of 709 million dollars. Financed by Carlyle Group, Unifrutti in 2020 acquired Oranfrizer, the main Italian producer of blood oranges (see EFA News article of 2/11/2020).

Today Unifrutti is a global player in the production, trade and distribution of more than 100 varieties of fresh products including apples, bananas, cherries, grapes and citrus fruits. With approximately 560,000 tons of fresh fruit sold each year and more than 14,000 hectares of farms on four continents, the Group operates in full cohesion with the entire production chain, serving more than 500 customers in 50 countries.

Gil Adotevi, Executive Director for Food and Agriculture at ADQ, commented: "We are developing our food and agricultural product portfolio with the aim of generating strong financial returns while strengthening food resilience in the UAE. Our investment in Unifrutti will allow ADQ to develop a global platform dedicated to fresh products complementary to ADQ's existing portfolio within the food production chain. We believe that our long-term strategic investment will help accelerate the next phase. growth of Unifrutti and to strengthen its strong position as a leader in the global fresh fruit and vegetable sector".

Speaking on behalf of Unifrutti shareholders, the De Nadai and Mondin families commented: "This acquisition represents the beginning of a new chapter for Unifrutti: by welcoming ADQ to our group of shareholders, we are starting a new phase of growth for the group. ADQ's experience in the agri-food sector makes the company an ideal partner for Unifrutti; we are excited to work alongside them to seize the business opportunities that the sector offers and generate sustainable growth. As such, this agreement proves to be a step significant in Unifrutti's path, which will allow us, taking advantage of ADQ's global reach, to expand our footprint in line with our long-term development strategy".

The investment in Unifrutti will enrich the food and agricultural portfolio of the UAE holding, which includes investments in Louis Dreyfus Company, one of the largest vertically integrated companies in the food, feed, fiber and ingredients sectors; Silal, Abu Dhabi's leading company in the fresh produce and agri-tech sector; Al Dahra Holding, an international conglomerate based in Abu Dhabi specializing in agribusiness; and Agthia Group, one of the region's leading food and beverage groups.