Investment company NPM Capital has reached agreement with the shareholders of Dutch tomato grower Agro Care to supply the company with growth capital. The cultivation area of Agro Care, Europe's largest tomato producer, covers more than 200 hectares spread across the Netherlands, France, Morocco and Tunisia. In NPM Capital, Agro Care has found a partner to support their shared growth ambitions.
The Maasdijk-based company was founded in 1997 by members of the current management and now counts more than 1,500 employees. In a short period of time, Agro Care has developed into one of the world's largest greenhouse horticulture companies. Through shareholdings, Agro Care additionally engages in - amongst others - seed breeding, packaging, marketing and distributing tomatoes.
Kees van Veen, CEO of Agro Care, explains: “We didn't just team up with any investment company. We have deliberately opted for a financially robust long-term partner that will help us develop and implement our strategy, for instance by boosting our professionalism and supporting us in future acquisitions.”
“We have been talking to Agro Care for some time,” continues Leonard van Loon, Investment Director at NPM Capital. “Agro Care's strength lies in its entrepreneurial spirit and its strong partnerships in the value chain which have let the company build a leading position in this large, fragmented market with ample growth opportunities. Agro Care could use the growth capital to invest in technologically advanced greenhouses and for the acquisitions of targets in the Netherlands and elsewhere. We are keen to join forces with the ambitious management team and contribute to the accelerated growth of the company.”
NPM Capital has been investigating investment opportunities in the agricultural sector, including greenhouse horticulture, for some time. It has had a partnership with Hillenraad Partners, a strategic consultancy firm in the horticultural sector, since 2017. Hillenraad Partners initiated the collaboration between NPM Capital and Agro Care. “The Dutch horticulture sector is leading in the world and Agro Care is one of its great exponents,” says Martien Penning, managing partner of Hillenraad Partners. “The partnership with NPM Capital will allow Agro Care to take the next step in its development and streamline its supply of healthy, sustainable and high-quality food.”
The transaction is expected to close early in 2020. Financial details of the transaction will not be disclosed.
For more information: www.agrocare.nl
