September 11, 2023

By Lynda Kiernan-Stone, Global AgInvesting Media

Cibus Capital announced that Cibus Fund I will be making its first exit of a wholly-owned portfolio company after agreeing to divest its largest asset – the Iberian extra virgin olive oil producer and processor Innoliva Group (Innoliva) – to global private asset manager Fiera Comox. 

Based in London, Cibus Capital is the adviser to the Cibus Funds, two vehicles that have raised more than US$1 billion across both strategies to partner to make mid-market growth/buyout investments in food production and processing businesses, and last-stage agrifood tech companies. 

Launched in 2016, the Cibus Funds strategy specializes in making sustainable food and agriculture investments in mid-sized companies that are leading the future of food through innovation, disruption, increased resource efficiency, and sustainability.

Under Cibus Fund I’s investment thesis upon its launch, 90 percent of the Fund is earmarked to invest in mid-market companies posting an EBITDA in excess of $3 million; while intentions are to invest between $10 million and $75 million (average $45 million) across 10 or 11 deals.

Established in 2005 with a mission to become the benchmark grower of modern olive groves for the production of the highest quality extra virgin olive oil, Innoliva has doubled its footprint while under the ownership of Cibus Fund I from 4,300 hectares of high-density olive groves to more than 8,300 hectares of diversified products including almonds and table olives. 

The company also has completed the conversion of over 2,300 hectares of olive orchards to organic production, making it a leading global producer of organic extra virgin olive oil. Today, the business produces extra virgin olive oil, organic extra virgin olive oil, table olives, and almonds across its acreage in Spain and Portugal. 

This expansion has been supported by Cibus vis-a-vis its mission to promote the essential transition of agriculture to more sustainable production systems. Throughout this evolution, particular environmental milestones during Cibus’ investment period included the introduction of carbon emissions monitoring, the treatment and re-integration of used mill water to their irrigation systems, the inclusion of solar energy, and the launch of biodiversity initiatives. 

“Innoliva was the first buyout executed by Cibus Fund I,” said Rob Appleby, founder and CIO, Cibus Capita. “We engaged an excellent management team, which transformed a humdrum olive oil producer into a business that has produced excellent financial returns while espousing world-class sustainability practices.”

“We are grateful to our stakeholders for their ongoing commitment to our strategy and to the new owners, whom we are confident will continue Innoliva’s successful growth trajectory.”

Innoliva explained that it combines respect for tradition with innovative agricultural techniques aiming for a more sustainable and higher-quality product. The company grinds the olives from its groves spanning Spain and Portugal in its state-of-the-art mill, guaranteeing a completely integrated and traceable process.

“We are thankful to Cibus for its instrumental role in growing Innoliva and transforming it into a leading extra-virgin olive oil production in Iberia and one of the largest producers of premium organic olive oil globally,” said Jorge Pena, CEO, Innoliva. “We are thrilled to welcome Fiera Comox as our partner to continue with our growth strategy in the region.”

The full transaction for this sale is expected to be completed by the end of this year.

~ 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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