August 22, 2023

By Lynda Kiernan-Stone, Global AgInvesting Media

AMFRESH Group, in partnership with EQT Future and Paine Schwartz Partners, has acquired 100 percent of International Fruit Genetics (IFG), a global leader in table grape and cherry breeding. 

This deal sparked a merger with AMFRESH’s SNFL Group (Specialty New Fruit Licensing) – itself a leader in table grape genetics, to establish BLOOM FRESH International – a new consolidated breeding powerhouse. 

It was in October 2019 when sustainable food chain investor Paine Schwartz announced its investment in AM FRESH’s Special New Fruit Licensing (SNFL) subsidiary in exchange for a 30 percent stake in what would be a new entity. 

Founded in 1992, SNFL and its best-in-class R&D innovation platform is ranked as the world leader in developing, licensing, and commercializing patented table grape varieties as measured by licensed farming hectares.

The investment by Paine Schwartz and the subsequent partnership was undertaken to accelerate SNFL’s breeding, development, and registration pipelines. As joint funders, the partners work to advance farming on a global scale, and to foster commercialization to retail partners with comprehensive solutions via bespoke production and long-term continuity.

“We believe that in Paine Schwartz we have found the perfect partner to help us execute our strategic vision,” said Alvaro Muñoz, CEO, AM FRESH at the time. “The partnership with Paine Schwartz is a catalyst for the execution of our global consolidation and vertical integration plans, enabling a faster transformation in the table grape sector globally with a focus on meeting the dynamic needs of growers, retailers and consumers, worldwide.”

Now, the combined strengths and histories of IFG and SNFL Group, joined under the BLOOM FRESH name, will accelerate traditional fruit breeding to create an unprecedented agritech platform that will be a driver for advancements in taste, nutrition, sustainability, and accessibility. 

AMFRESH will be the controlling stakeholder in the new company, with significant minority investment from EQT Future and continued investment from Paine Schwartz Partners. All told, the company boasts an extensive global footprint across 22 countries, where it is emerging as a game-changer for growers who will gain access to a robust platform investing heavily in cutting-edge technologies, sustainable practices, advanced farming techniques, resource efficiency, and high-yielding cultivars.

“Today signifies a pivotal moment, uniting two global breeding forces,” said Alvaro Muñoz, CEO, AMFRESH. “Our journey transforms competition into collaboration, uniting our stakeholders. Our goal remains steadfast: to serve our growers, retailers, and consumers with excellence, backed by an unwavering commitment to innovation and sustainability. We stand united, stronger than ever before, as a singular global breeding innovation company.”

Muñoz continued, “BLOOM embodies a pinnacle of innovation, offering enhanced global capabilities, expanded reach, and elevated breeding expertise. Our goal at AMFRESH and BLOOM is to excite consumers worldwide with superior eating, tasting and nutritional produce that shall increase demand and market size for sustainably produced and improved natural fresh foods.”

“The advantages of aligning our newly formed genetic powerhouse BLOOM in table grapes and cherries with AMFRESH’s Citrus and Tropical genetic platform GENESIS INNOVATION shall be an attractive platform for all our partners worldwide.”

The partners explained that BLOOM will harness the synergy of traditional breeding practices and cutting-edge agtech potential to transcend the boundaries of fruit breeding. EQT Future’s investment in this new platform aligns with its commitment to support industries that champion positive impact.  

“We are thrilled to have the opportunity to support BLOOM, an innovative breeding company that is at the forefront of fruit breeding,” said Carl Johan Renström, Partner, EQT Future’s Advisory Team. “We hope the partnership will accelerate BLOOM’s growth while potentially also shaping the wider fruit industry for the better.”

~ Lynda Kiernan-Stone is editor in chief with GAI Media, and is managing editor and daily contributor for Global AgInvesting’s AgInvesting Weekly News and  Agtech Intel News, as well as HighQuest Group’s Unconventional Ag. She can be reached at lkiernan-stone@globalaginvesting.com.

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