Blueberry grower-marketer continues to target growth in the category as it pursues premium product distribution model
Berry supplier Agrovision has announced its largest equity financing to date, as it bids to continue its recent impressive global expansion.
The company, which sells premium fruit under The Fruitist and Big Skye brands, has announced a growth capital investment led by Los Angeles-based Aliment Capital, a global firm that invests in the food, health and nutrition industries.
According to Agrovision, Aliment will provide “additional capital and expertise to help take Agrovision to its next level of growth”, as it looks to build up year-round availability of premium blueberries with what it describes as “superior eating experience”.
That funding is set to help enable the group’s future expansion, focused in particular on distribution, product development and technology.
In a statement, it said it would leverage a “unique global footprint” of optimal micro-climates, access to proprietary premium genetics, advanced data analytics, and vertical integration to achieve that goal.
The Fruitist and Big Skye brands appear well placed to take a bigger share of the healthy snacking market, with premium berries expected to reach US$10bn in sales by 2030.
“We are excited to close this partnership with a leading growth capital investor in our industry, a testament to our strategic vision and the opportunity we have to inspire consumers to live healthier lifestyles,” said Agrovision co-founder, CEO and executive chairman Steve Magami.
“Agrovision is fully committed to reliably advancing the highest-quality superfruits to consumers for healthier snacking 365 days a year, as we continue to build on our legacy of operational excellence in sustainable agriculture.”
Aliment co-founder and managing partner Ben Belldegrun welcomed the deal. “Agrovision is a scaled, global operator in a large and growing market driven by secular consumer trends and strongly reaffirms our thematic focus on food-as-health,” he said.
“We are enthusiastic to partner with a leading management team and board, who are at the forefront of bridging agricultural productivity and genetics, nutrition and environmental sustainability, to drive the company’s next chapter of growth.”