As a pioneer and global leader in post-harvest solutions for fresh produce, AgroFresh Solutions, Inc. announces the acquisition of Pace International LLC, including its domestic and overseas operations (“Pace”). Prior to the transaction, Pace was a subsidiary of Valent BioSciences LLC, a Sumitomo Chemical Co., Ltd. group company. Pace is a respected global provider of sustainable postharvest solutions, equipment and technical services. The acquisition of Pace strengthens AgroFresh’s presence in key fruit growing regions in North and South America, while enabling the company to offer its global customers quality solutions for high-value, highly perishable crops.
Pace manufactures and supplies edible fruit coatings, fungicides, detergents, sanitizers, sustainable storage treatments and application equipment for fresh produce. The integration of Pace’s business expands AgroFresh’s post-harvest solutions portfolio of technology, services and digital solutions for the organic and conventional markets, expanding AgroFresh’s ability to support customers in their mission to protect the quality and freshness of fresh produce from the field to the home.
“This acquisition allows us to take another important step toward our vision of being considered the preferred post-harvest partner. We are excited to be able to offer the combined portfolios, technical expertise and services of both companies,” said Clint Lewis, CEO of AgroFresh. “Bringing our two companies together allows us to better address customer needs across a wide range of crops, markets and at every stage of the fresh produce supply chain, ultimately helping them to sustainably produce and deliver an abundant supply of quality fruits and vegetables.”
In addition to integrating Pace’s business into the organization, AgroFresh and Valent BioSciences plan to develop a strategic collaboration to accelerate the development of new innovations that address the most important challenges in the field of freshness protection. This collaboration aims to maximize Valent BioSciences’ expertise and technological potential to develop new post-harvest products, services and digital solutions, leveraging AgroFresh’s global scale and reach to bring them to market.
“AgroFresh’s acquisition of Pace’s business will create a postharvest solutions platform that will benefit customers and the food protection industry as a whole through a stronger global approach, enhanced services and greater opportunities for innovation,” said Salman Mir, President and CEO of Valent BioSciences. “We are excited to collaborate with AgroFresh in developing and commercializing new products, technologies and services that will address key customer challenges.”
With the addition of Pace, AgroFresh is better positioned to meet customer needs across a full portfolio of products and services. This will be done alongside a strong commitment to supporting the advancement of post-harvest innovation and helping customers in their quest to grow and distribute an abundant supply of fresh, sustainable, quality produce around the world.
AgroFresh Solutions Inc. is a portfolio company of Paine Schwartz Partners, a global leader in sustainable food chain investments. Deutsche Bank acted as financial advisor and Morrison & Foerster as legal advisor to AgroFresh for the transaction. For more information on AgroFresh and Pace International, please visit: www.agrofresh.com and www.paceint.com.
