ICL Boosts Brazilian Footprint with Fertiláqua Buy
ICL is to acquire specialty plant nutrition company Fertiláqua from Brazilian private equity firm Aqua Capital for about $120 million. The deal boosts ICL’s specialty plant nutrition product portfolio and significantly enhances its presence in Brazil, one of the world’s fastest growing agriculture markets.
Present in 24 Brazilian states, Fertiláqua has more than 100 products for plant nutrition and stimulation, soil revitalization, seed treatment and plant health across all key Brazilian crops, including soybeans, corn, sugarcane, cotton, coffee, fruits and vegetables. Headquartered in Indaiatuba, Sao Paulo, the company has over 350 employees and operates two production sites and two research and development centers.
“Fertiláqua gives ICL a significant foothold in a major market, where demand growth for specialty plant nutrition products is increasing rapidly,” said ICL president and CEO Raviv Zoller. “In addition, it unlocks immediate synergies for distribution in Brazil and further expands ICL's product portfolio with higher growth, higher margin products, as well as provides balance for seasonality in our specialty fertilizer sales between the Northern and Southern hemispheres.”
The deal is expected to close by early 2021, subject to customary conditions.
Aqua Capital has owned Fertiláqua since 2013.
Author: Elaine Burridge, Freelance Journalist
