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US-based Frutura acquires Chile’s Subsole
Frutura, a US-based sales and marketing network of fresh fruits spanning assets in the US, Peru, and Uruguay, has completed the acquisition of Subsole, one of Chile's largest fresh fruit companies and leading exporter, especially of table grapes.
This acquisition marks Frutura's first acquisition in Chile, which is the leading country exporting fresh fruit in South America.
The acquisition opens the door to significant new investment, signaling Frutura’s confidence in Subsole’s growth potential and in the strength of its leadership, according to a news release from the former.
Frutura is focused on adding acreage to Subsole’s existing footprint, according to the release. Negotiations to acquire additional operations are close to being signed, which will substantially increase Subsole’s export volume as a start, particularly with avocados and citrus.
Subsole’s new land will be in multiple Chilean geographies and in different growing zones, according to Frutura, which will further diversify the company’s supply base and will give Subsole even greater flexibility to pack and sell.
Subsole already dominates in table grapes and is the largest Chilean exporter of the fruit to the US, Europe, Latin America and Asia, according to Frutura.
Other offerings include citrus, avocados, cherries, pomegranates and kiwis. To date, the company has shipped 10 million boxes of fruit to customers in more than 40 countries.
Frutura was advised on the deal by Chilean law firm Carey, whose team comprised partners Juan Francisco Mackenna and Alberto Cardemil and associates Julio Recordon, Juan Pablo De la Maza, Constanza Trisotti, Camila Lavín, José Antonio Espinosa, Rocío Véliz, Josefa Contreras, Francisco Contreras, Ignacio Echeverría, Santiago Lagos, Valentina Mendoza, Francisca Hernández, and Ricardo Edwards.
Subsole was advised by law firm Coeymans, Edwards, Poblete & Dittborn Montt y Cía., and whose team comprised partner Arturo Poblete and associate Agustín del Valle.
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