October 6, 2023

By Lynda Kiernan-Stone, Global AgInvesting Media

Major Peruvian agro and food companies are on the move! Only days ago, we shared that Peruvian international fishing and processing group Oceano Seafood had acquired Sea Fresh USA, one of the largest suppliers of premium, wild-caught squid in the U.S., for an undisclosed amount, representing not only Oceano’s expansionary goals, but its first acquisition in the U.S. 

Today, we find that Peru’s Viru Group, a global agro-industrial leader and the largest producer of frozen and canned fruits and vegetables in the country, has agreed to acquire U.S.-based Superior Foods International (SFI), a key manufacturer and supplier of frozen vegetables, fruits, and value-added frozen food products for the U.S. retail, foodservice, and industrial markets.

Viru Group has more than 30,000 acres of cultivated farmland and 10 production facilities across South America and Europe, employing more than 17,000 people. The company’s scale, vertical integration, commitment to support 15 of the 17 UN 2030 Sustainable Development Goals (SDGs), and dedication to innovation have set it apart in the industry and have earned it multiple awards since 2018. 

Headquartered in Watsonville, California, in the heart of the state’s Central Coast region, SFI’s mission is to connect world food markets to global supply for the benefit of all. Ten years after its founding in 1980, the company established an International Division with operations in Mexico, Guatemala, Peru, Ecuador, and Europe. Over the years it has expanded its business within these markets, and has been a partner with Viru Group for more than a decade. 

Through this deal, the company stated that by joining forces, they will be elevating their combined capabilities, expanding their offerings, and providing stakeholders with even greater value. 

“SFI has become part of Viru, a move that will bring us both significantly enhanced capabilities and expanded opportunities,” said Marco Cruz, managing director, SFI. “Our mission, core values, and dedication to our current partners is unwavering.”

“SFI will continue to operate with the same entrepreneurial spirit, independence, and agility as we have for the past 40 years,” Cruz added. “Our current management team and dedicated staff will continue to ensure we deliver ongoing value to our customers, suppliers, and stakeholders.”

There has been a consistent and significant shift in consumer preferences toward healthier eating habits on the back of greater awareness of the importance of nutrition in maintaining overall well-being. This trend has led to a surge in demand for healthier food options, and one segment that has particularly benefited from this trend is the frozen fruits and vegetables industry.

Fruits and vegetables make up the core of a health-conscious diet, and due to matters of convenience, extended shelf life, and cost effectiveness, frozen fruit and vegetables are key for wellness-minded consumers. As such, the frozen fruits and vegetable market is expected to grow at a CAGR of 7.6 percent between 2022-2030, to reach a value of US$9.12 billion by the end of 2030, according to Market Research Future. 

And with such a positive global market outlook, this deal will create a combined entity able to produce and provide on a year-round basis. 

“We want to express our sincere gratitude to all our customers for the continued support and trust,” said Yoselyn Malamud, CEO Viru. “Together with SFI, we are excited about the opportunities that lie ahead and are confident that this acquisition will enable us to reach new heights together, becoming an even stronger and more effective organization.”

~ 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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