The sale highlights the market appetite for sustainably produced agriculture
September 2023, London – Cibus Capital LLP (‘Cibus’) is pleased to announce that Cibus Fund I has signed a share purchase agreement to sell the Iberian extra virgin olive oil producer and processor, the Innoliva Group (‘Innoliva’), to the global private asset manager, Fiera Comox Partners (‘Fiera Comox’). With this sale, Cibus leaves Innoliva in the hands of a strong management team who will oversee its continued expansion and development.
Innoliva is the largest asset within Cibus Fund I, and the sale marks Cibus Fund I’s first exit of a wholly-owned portfolio company. Under Cibus Fund I’s ownership, Innoliva has doubled its footprint from c. 4,300ha of super high density olive oil production to over 8,300ha of diversified products including almonds and table olives and completed the conversion of over 2,300ha of olive orchards to organic production, positioning Innoliva as a leading producer of organic extra virgin olive oil globally.
Innoliva’s expansion has been supported by Cibus’ mission to promote agriculture’s essential transition to more sustainable food production systems. Select environmental milestones during Cibus’ investment period include the introduction of carbon emissions monitoring, the treatment and re-integration of used mill water to irrigation systems, the implementation of solar energy and the launch of biodiversity initiatives.
Robert Appleby, Founder and Chief Investment Officer of Cibus Capital said: “Innoliva was the first buyout executed by Cibus Fund I. We engaged an excellent management team, which transformed a humdrum olive oil producer into a business that has produced excellent financial returns while espousing world-class sustainability practices. We are grateful to our stakeholders for their ongoing commitment to our strategy and to the new owners, whom we are confident will continue Innoliva’s successful growth trajectory.”
Jorge Pena, Chief Executive Officer at Innoliva said: “We are thankful to Cibus for its instrumental role in growing Innoliva and transforming it into a leading extra-virgin olive oil producer in Iberia and one of the largest producers of premium organic olive oil globally. We are thrilled to welcome Fiera Comox as our partner to continue with our growth strategy in the region.”
The sale of Innoliva is expected to complete by the end of the year.
Advisers to Cibus Fund I in the sale process include Lazard as financial adviser and Uría Menéndez as legal adviser, with KPMG supporting throughout the due diligence process.
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