Jack Pandol's attempt to halt the acquisition of International Fruit Genetics (IFG) by AMFresh has been unsuccessful.
AMFresh recently issued a statement confirming that the transaction, which involves Special New Fruit Licensing (SNFL), the consortium led by AMFresh Group, the Swedish fund EQT, and the American fund Paine Schwartz Partners (PSP), will proceed as planned.
Despite legal action initiated by Jack Pandol, an arbitrator assigned to the case rejected all claims, allowing the transaction to move forward.
SNFL anticipates finalising the acquisition in the near future.
AMFresh CEO Alvaro Muñoz expressed satisfaction with the arbitration's approval, stating that it marks a significant milestone for the fresh food industry.
The company's ultimate goal is to provide innovative, natural, sustainable, and healthy products to delight consumers worldwide while expanding the consumption and market size of fresh, affordable goods.
Furthermore, Bluestone Food and Tech, the family holding of Alvaro Muñoz, has reached an agreement to become the exclusive 100% equity partner of AMFresh and acquire the entire AMC Group.
The deal has received unanimous support from both executive and non-executive board members of Bluestone and AMFresh. Additionally, the banking partners of the Business Group, as well as partners involved in AMFresh's Genetics and Technology investments (EQT and PSP), have shown their support.
This agreement grants AMFresh complete freedom to invest in various agribusiness and agri-technology advancements endorsed by the group.
AMFresh aims to double its sales to €3bn by 2028 and triple its EBITDA within the same timeframe, as outlined in its strategic plan. COO Pablo Sánchez-Lozano emphasized the company's commitment to enhancing its supply chain by providing value to retail partners through innovative solutions rooted in technology.
AMFresh's comprehensive toolbox encompasses genetics, agriculture, technology, and sustainable practices, offering unparalleled flexibility and customised models tailored to clients, geographies, and categories.