IDeA Agro and Agrintesa together in the production of SunGold yellow kiwi
Final closing of fund at 110 million euros: it is the biggest private equity operator of sector in Italy
IDeA Agro, in partnership with Agrintesa Cooperativa Agricola, has launched an agricultural development operation that involves the construction of a new plant of yellow kiwi of the G3 variety (SunGold-Zespri commercial brand) on an area of about 100 hectares in the province of Latina. The agreement also provides that the owners of the land will grant management of an additional 60 hectares of the current kiweto, which will be partially converted, in order to complete the overall production of the plant. Agrintesa, operational partner of the project with a 10% stake in the capital of Agro Gold (a specially constituted vehicle), is one of the four Italian licensees of the New Zealand company Zespri, owner of the patent rights and genetics of the Gold 3 variety and one of the leaders world-class in the marketing of kiwi.
The decision to invest in a SunGold yellow kiwi production project is linked to several factors: first of all, this variety allows higher yields and prices than the traditional Hayward green kiwifruit. Added to this is that, in Europe, Italy is the most suitable area and the largest producer of yellow kiwifruit and that, being a variety produced under license, the available supply will always be commensurate with the actual demand and the growth trends recorded from the market.
Pier Felice Murtas , managing director of the IDeA Agro fund, commented: "I am very happy to announce, together with the launch of this ambitious project that sees us as partners with a leading operator in the Italian fruit and vegetable world, also the final closing of the fund to 110 million. The fund, since the first closing in 2018, also availing itself of the consultancy of the advisory company Ettore Fieramosca, has concluded seven transactions focused on the development or strengthening of agricultural and agro-industrial supply chains, which include hazelnuts in Piedmont, walnuts in Romagna, organic and biodynamic seedless grapes from Tarulli in Puglia, high quality intensive olive groves in Lazio and Tuscany together with the Buccelletti family, chestnuts in Irpinia with the Ingino family and healthy frozen ready meals based on local vegetables from Calabrian Gias. We are really proud of the work done up to now, which makes IDeA Agro the most important private equity fund, specialized in companies operating in the agricultural sector”.
Cristian Moretti, general manager of Agrintesa, commented: “We are proud to have been involved and to participate in the development of this important and ambitious kiwi cultivation. Thanks to the know-how achieved by our professionals, we will support Agro Gold, which is associated with our cooperative, during all stages of cultivation. To date, the production and economic results achieved on the variety are very positive and we believe that they can remain satisfactory in the future too".
EFA News - European Food Agency