October 27, 2020

Aqua Capital sells Fertiláqua to ICL

Latin America's biggest agribusiness and food-focused private equity firm Aqua Capital has sold Fertiláqua, one of the top plant nutrition companies in Brazil, to Israel-based specialty minerals and chemicals firm ICL for US$120 million plus a 10% potential performance-based earnout, Reuters reported.

The agreement will push ICL's plant nutrition business expansion in Brazil, especially for commodities like soybean. Fertiláqua has been owned by Aqua Capital since 2013.

Sebastian Popik, Aqua Capital's managing partner, said the deal was completed remotely due to the COVID-19 pandemic after six months of negotiations.

Aqua Capital owns controlling stakes in 13 agribusiness companies including farm input producers, farm input distributors and consumer food firms that make dairy products and sell wine. With US$650 million under management, the company has reported US$1.2 billion in revenues and 6,000 workers.

Popik said Aqua Capital is set to announce the purchase of a farm input distribution business, pending completion of the deal.

-      Reuters