PSP Investments acquires Citri&Co land to support its production

The two parties sign a strategic alliance to support their positioning in fresh fruit

Spanish fresh fruit producer Citri&Co, one of the major fresh fruit producers in Europe, has signed an agreement with PSP Investments, one of Canada's largest pension investment managers, to boost its business. With this agreement, the Canadian fund acquires Citri&Co's farmland and will continue to acquire other land, mainly citrus groves, for the Spanish company to exploit.

The alliance is a long-term one, enabling Citri&Co to focus on its year-round fresh fruit production and marketing business, in which it has decades of experience. The Spanish company is owned by Miura Partners, which is also part of the agreement and will assist PSP Investments in finding new opportunities for the acquisition, development and management of farm land.

Similar agreements
PSP Investments has investments worth C$230.5 billion worldwide, approximately C$16 billion of which make up its agriculture and timber portfolio. The company is experienced in reaching agreements similar to the one signed with Citri&Co.

Both parties also share a commitment to sustainable agricultural development, and the objective of achieving global net zero by 2050. The Spanish company has officially verified and audited its carbon neutrality in corporate activity and citrus production in Spain.

Citri&Co sells more than 700,000 tonnes of citrus fruit, melons, watermelons and stone fruit every year in over 30 countries. Its crops are both conventional and organic, and are concentrated in Spain and Brazil.

Sustainable agricultural assets
PSP Investments Senior Managing Director Marc Drouin, who is also global head of natural resources investments, explained, "Citri&Co represents an ideal partner for PSP Investments in the European fresh produce industry, especially given Spain's status as the world's leading producer and exporter of citrus fruit. With the support of Miura Partners, Citri&Co's world-class management team has grown the company significantly. This new partnership with Citri&Co is aligned with our strategy to add high quality, sustainable agricultural assets with long-term growth potential to our portfolio."

Citri&Co CEO Carlos Blanc added, "Our strategic partnership with PSP Investments will strengthen our value proposition by enabling us to focus on what we do best: being a 12-month supplier of high quality fresh fruit, and ensuring the best supply chain standards worldwide, from field to fork. We are in addition 100% aligned with the core values of PSP Investments, as they attach value to land acquired under their sustainability principles."

For his part, the Managing Partner of Miura Partners, Jordi Alegre, explained, "With PSP Investments, we are launching Citri&Co to new heights in terms of our value proposition, both for growers and retailers in Europe and worldwide, as we pursue new opportunities for sustainable growth."

Photo: Citri&Co