Miura creates $390m fund to support Citri&Co and Frutas Esther

Spanish investment firm Miura Private Equity has closed its agribusiness investment fund Frutas after raising €350m ($390m).

The new capital will be used by the investment firm to support the growth of Citri&Co and Frutas Esther.

Citri&Co is a European citrus fruit producer and seller, while Frutas Esther produces and sells stone fruits such as peaches, nectarines, apricots and doughnut peaches, seedless grapes and strawberries in Europe.

Investors from Europe and North America, including Morgan Stanley and Schroder Adveq, invested in Frutas fund.

Schroder Adveq UK & Spain Private Equity Investments head Maria Prieto said: “We are excited to build on our long term relationship with Miura and to help Citri&Co reach a new stage of its development, building on Miura’s partnership with the platform over the last three years.”

Citri&Co was created by the Spanish equity firm by making investments in three companies, including Martinavarro, Río Tinto and Perales & Ferrer, over the past three years.

Miura noted that it will be moving its existing interests in Citri&Co from Miura Fund II to Miura Fund III.

Additionally, the founding families of Citri&Co, including Martinavarro, Río Tinto Citricos and Perales & Ferrer, along with the management, will continue to invest Citri&Co in addition to the new Frutas fund.

Miura Partner Jordi Alegre said: “We are excited by the new partnership between Citri&Co and Frutas Esther, creating one of the largest vertically integrated fruit platforms in the world.

“We look forward to stewarding the platform through its next stage of growth and further adding to the platform through the global consolidation opportunity.”

The company further added Frutas Esther will continue to run as an independent business unit and will be managed by its management and will follow its production processes.