London, UK [June 20, 2022] - Citri&Co, a leading European vertically integrated fresh fruit company and a Miura Partners portfolio company, and the Public Sector Pension Investment Board (PSP Investments), one of Canada’s largest pension investment managers, have formed a long-term strategic alliance to acquire and manage agricultural land.
Under the terms of the partnership, PSP Investments will acquire farmland, primarily comprised of citrus fields in Spain; while Citri&Co will operate and manage the farmland, leveraging its decades of experience and technical expertise. Consistent with its vertically integrated, “field-to-table” model, Citri&Co will continue the packing, distribution and sale of all produce grown on the properties.
Both parties, together with Miura Partners, will continue to seek opportunities for the acquisition, development and management of agricultural land, which will strengthen Citri&Co's position as a year-round supplier of fresh fruit.
PSP Investments is a leading global investor in agriculture and timber. With approximately
C$16 billion of assets under management in its agriculture and timber portfolio globally, the organization has developed a number of similar alliances with like-minded partners in geographies around the world.
Marc Drouin, Senior Managing Director, Real Assets and Global Head of Natural Resources Investments at PSP Investments, said, “Citri&Co represents an ideal partner for PSP Investments in the European fresh produce sector, particularly given Spain’s status as the leading global producer and exporter of citrus fruit. 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.”
According to Carlos Blanc, CEO at Citri&Co, “Our strategic partnership with PSP Investments will reinforce our value proposition allowing us to focus on what we do best: to be a 12-month, high-quality fresh fruit supplier, ensuring the best standards across the supply chain, from the field to the table. In addition, we are 100% aligned with PSP Investments’ fundamental values as they cherish the land acquired under their sustainability principles.”
Jordi Alegre, Managing Partner at Miura Partners, explained that. “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.”
Committed to sustainability
PSP Investments and Citri&Co share a commitment to sustainable agricultural development. PSP Investments has committed to use its capital and influence to support the transition to global net zero by 2050, while Citri&Co has officially verified and audited its carbon neutrality in corporate activity and citrus production in Spain.
Citri&Co is a leading vertically integrated fresh fruit company in Europe, distributing conventional and organic citrus, melon and watermelon and stone fruit produced in Spain and Brazil. The group markets more than 700,000 tonnes of fruit per year to more than 30 countries and more than 200 customers, thanks to its long-term partnerships. It is also firmly committed to sustainable development through environmental protection, carbon emissions reduction and the integration of sustainability into its value chain.
About PSP Investments
The Public Sector Pension Investment Board (PSP Investments) is one of Canada’s largest pension investment managers with C$230.5 billion of net assets under management as of March 31, 2022. It manages a diversified global portfolio composed of investments in public financial markets, private equity, real estate, infrastructure, natural resources and credit investments. Established in 1999, PSP Investments manages and invests amounts transferred to it by the Government of Canada for the pension plans of the federal Public Service, the Canadian Forces, the Royal Canadian Mounted Police and the Reserve Force. Headquartered in Ottawa, PSP Investments has its principal business office in Montréal and offices in New York, London and Hong Kong.
About Miura Partners
Miura Partners is a leading middle-market private equity firm in Spain based in Barcelona with more than €1bn of Assets under Management. The firm is specialized in investing in mid-size family-owned & entrepreneurial businesses, providing attractive growth and innovation plans, and with a clear focus on sustainability. Since 2008 Miura Partners has invested in more than 40 companies, with transactions worth more than €1.5bn.
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