Bahrain-based Investcorp, a global provider and manager of alternative investment products, said it has completed the acquisition of a majority stake in Spanish group Agromillora.

Founded in 1986 in Barcelona, Agromillora is a leading global developer of high yielding plants and trees, with a key focus on permanent crops, including stone fruits, citrus, nuts, berries, olive trees and grape plants.

In the 1990s and early 2000s the company pioneered the production and marketing of trees for high yielding olive orchards with the disruptive technology of high-density planting and has also been promoting similar agronomic improvements for almonds, citrus and other fruit trees.

The company has since diversified providing nurseries and growers worldwide with a complete portfolio of high quality plants through tissue culture propagation laboratories located across five continents and developing proprietary rootstocks for high-density plantation models and products.

Agromillora’s growth in recent years has been driven by its consistent innovation and strong research and development (R&D) capabilities as well as by international expansion in North and Latin America, Australia and the Middle East region.

Today, the company has 11 production facilities in nine countries, reaching a market of more than 300 nurseries and 1,500 growers in more than 25 different countries, and employs over 1,200 employees worldwide. In 2016 the company plans to produce and sell more than 65 million plants worldwide.

Commenting on the acquisition, Mohammed Al Shroogi, the co-chief executive officer at Investcorp, said: "Demand for Agromillora’s products and high-density plantation models is supported by favourable long-term trends driven by increasing population, GDP per capita and, ultimately, food consumption which in turn requires continuous improvements in agricultural land productivity."

"We believe that Agromillora’s diversified revenue mix across geographies and crops, combined with the company’s track record as an innovator in its industry, ideally positions it to continue its successful expansion into new markets. We look forward to working with Agromillora’s first-rate management team to help the company achieve its long-term growth ambitions," he added.

Fahad Murad, the managing director at Investcorp in Bahrain, said: "Over the past 12 months, Investcorp’s European Corporate Investment team has acquired five new portfolio companies and exited nine, making it the most active period for the team since its inception."

"We believe that Agromillora is an excellent fit for the portfolio," he added.-TradeArabia News Service