The company, which is now Spain’s largest fresh produce supplier, reveals it has targeted sales of €3.5bn by the end of this decade
European fresh produce giant AMFresh expects to achieve sales of €3.5bn by the end of the decade, and is ready to spend another €2bn to purchase other companies in the business.
The company, which is now Spain’s largest fruit and vegetable supplier, has been on an acquisition spree in the past five years and has already increased its annual sales to a reported €2bn.
That figure is around double what it was in 2018. “With a strategic plan to reach €3.5bn by 2030, our expansion plan remains ambitious and focused,” the group said this week.
As detailed in a recent report in Spanish newspaper Expansión, AMFresh now supplies half of the world’s top 20 retailers, including Walmart, Kroger, Tesco, Marks and Spencer, Carrefour, Lidl España, and Mercadona.
Journalist Victor Martín Osorio, who profiled the company in a piece co-wrritten with Nerea San Esteban, observed on LinkedIn: “There are few Spanish companies as large and at the same time as unknown to the general public as AMFresh Group, but their numbers speak for themselves.”
Spending to grow
The company itself is evidently intent on making it known it is seeking new investment targets. “Over the past five years, AMFresh Group has led acquisitions exceeding €2bn, and we plan to match this in the next six years,” it stated.
“Our innovative drive has resulted in the licensing of over a hundred new natural fruit varieties, with unique flavours and health benefits like higher antioxidant content, grown worldwide with over 2,100 producers in 24 countries.”
In August 2023, AM Fresh teamed up with EQT Future and Paine Schwartz Partners to buy up fruit breeding company International Fruit Genetics, which it then merged into its subsidiary SNFL.
The combined entity, which was bought for a reported €1.6bn, now trades under a new name, Bloom Fresh International.
Less than 12 months before that, it took a controlling stake in Kuala Lumpur-based supplier Fruit-X, with whom it now has an Asia-focused joint venture called Fresh Fruit-X.
2022 also saw it partner with Spanish table grape producer Uvasdoce to create Uvasdoce Fresh.
And in 2021, AMFresh acquired a controlling investment in UK apple and pear supplier Avalon Produce, now Avalon Fresh.
