Borges Agricultural & Industrial Nuts (BAIN), the division of the Catalan group dedicated to the agricultural production and sale of nuts, has announced this Friday the sale of its entire agricultural business to the Natural Capital Fund, for a figure that will be between 70 and 80 million euros, as detailed to the CNMV.
The operation involves divesting six of the seven subsidiaries of the company, which has been listed on the Stock Exchange since 2017. It will transfer, on the one hand, the companies BAIN Andalucía and BAIN Extremadura. The first is dedicated to the exploitation of walnut, pistachio and…
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Borges Agricultural & Industrial Nuts (BAIN), the division of the Catalan group dedicated to the agricultural production and sale of nuts, has announced this Friday the sale of its entire agricultural business to the Natural Capital Fund, for a figure that will be between 70 and 80 million euros, as detailed to the CNMV.
The operation involves divesting six of the seven subsidiaries of the company, which has been listed on the Stock Exchange since 2017. It will transfer, on the one hand, the companies BAIN Andalucía and BAIN Extremadura. The first is dedicated to the exploitation of walnut, pistachio and almond plantations, as well as their processing and marketing, with its facilities located in Granada. The second, located in Badajoz, covers the same productions, and according to Borges’ corporate website, is “responsible for the group’s agricultural R&D.”
In addition, all the companies it has in Portugal, four, are also part of the sale, “which concentrated their agricultural activity focused on the production, mainly, of almonds, walnuts and pistachios.”
With the sale, BAIN says it wants to focus its strategic efforts “on the industrial and commercial areas, which are the core business, as well as on the search for new business opportunities that increase value for its shareholders, employees, consumers, clients and for the whole of society.” The transferred businesses represented 7% of the products sold by BAIN, but the value of its assets exceeded 25% of the balance sheet. Therefore, the firm understands that it can be considered a transfer of essential assets, which is why it has called an extraordinary shareholders meeting for approval.
After the operation, this branch of Borges’ business will be left with the two nuts and dried fruit processing plants in Reus; an almond shelling plant in Altura (Castellón), and the agricultural farms of Mas de Colom, in Lleida.
The buyer, Natural Capital Fund, is a fund managed by Climate Asset Management, a vehicle launched by HSBC Asset Management and Pollination. As reported by Borges, the transferred businesses will be managed by the Bolschare agricultural group, the fund’s reference partner, which will assume 100% of the workers. “This is a specialist investor with an international reputation, a promoter of environmental protection under its status as a fund of the so-called “article 9”, with a long-term vision and growth,” says Borges about the buyers.
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