- PSP investments will acquire farmland, primarily citrus fields in Spain
- The deal will enable Citri&Co to scale production and further strengthen its production footprint. It will continue the packing, distribution and sale of all produce grown on the properties
- PSP Investments and Citri&Co share a commitment to sustainable agricultural development
Miura Partners-backed Citri&Co and the Public Sector Pension Investment Board (PSP Investments) have formed a long-term strategic alliance to acquire and manage Spanish farmland, primarily citrus fields. The agreement means PSP Investments will acquire farmland which Citri&Co will then operate and manage. Inline with its “field-to-table” model, Citri&Co will continue the packing, distribution, and sale of all produce. No financial terms were disclosed.
Miura Partner is a private equity firm headquartered in Barcelona with a focus on family owned, and entrepreneurial middle-market companies. It was founded in 2008 and has invested in more than 40 companies, it currently has more than €1 billion ($1 billion) in assets under management. It undertook a management buy-out of Citri&Co in 2019.
“Together with PSP Investments we are launching Citri&Co to new heights, in terms of value proposition, to growers and retailers in Europe and worldwide as we seek new opportunities of sustainable growth.” Explained Jordi Alegre, Managing Partner at Miura Partners.
PSP Investments is one of Canada’s largest pension investment managers with C$230.5 billion ($177 billion) of net assets under management as of March 31, 2022. It invests across asset classes and sectors and was established in 1999. PSP is a global investor in agriculture and timber with approximately C$16 billion ($12 billion) in assets under management in its agriculture and timber portfolio globally. It has developed several similar alliances with like-minded partners across the world.
“Backed by Miura Partners, Citri&Co’s top-tier management team has grown the company significantly. This new partnership with Citri&Co is aligned with our strategy of adding high-quality, sustainable agricultural assets with long-term growth potential to our portfolio.” Commented Marc Drouin, Senior Managing Director, Real Assets and Global Head of Natural Resources Investments at PSP Investments.
Both PSP and Citri&Co share a commitment to sustainable agriculture. PSP has committed to supporting the transition to global net zero by 2050 while Citri&Co has officially verified and audited its carbon neutrality, both in corporate activity and its citrus production in Spain.