Origin Enterprises completes acquisition in Brazil

Agri services group Origin Enterprises has announced that it has completed the acquisition of a majority stake in Brazilian firm Fortgreen Commercial Agricola Ltd.

Announcing the news earlier today (Tuesday, August 14), Origin revealed that it has finished proceedings in taking up a 65% controlling interest in the Brazilian-based speciality nutrition and crop inputs business following the satisfaction of all conditions.

This follows on from the initial announcement of the acquisition made in June by the company, which owns agri input brands such as Goulding Chemicals and R&H Hall.

Also Read: Origin announces Brazilian stakeholding acquisition

In addition, the separate transaction to acquire a 20% shareholding in the Brazilian-based agronomy services and crop input distribution business, Ferrari Zagatto E Cia. Ltd, is expected to conclude during the first half of the 2018/2019 financial year.

In a statement from the Irish company, Fortgreen and Ferrari “underline Origin’s strategic priority to scale its technology and service portfolios in markets which provide tangible growth opportunities”.

The transactions also provide the platform to address the group’s requirements for meaningful geographical diversification and seasonality balance, Origin’s statement added.

Origin will issue its preliminary results announcement for the year ended July 31, 2018, on September 26.

About Fortgreen

Fortgreen, which is headquartered in Parana State in southern Brazil, and founded in 2004, is focused on the development of value-added crop nutrition and speciality inputs.

The business, according to Origin, is an “established leader” in the manufacture and marketing of a portfolio of related crop technologies, covering foliar fertilisers, bio stimulants, adjuvants and control release and slow release fertilisers.

Fortgreen operates a “comprehensive research and new product development capability” and services approximately 1,200 customers through a business-to-business and retail distribution network, the firm added in a statement on the matter.