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AgroFresh Finalizes Tessara Acquisition, Broadening Post-Harvest Solutions Portfolio
News provided byAgroFresh
Sep 19, 2023, 9:00 AM ET
The acquisition marks an expansion of AgroFresh's pioneering produce quality and freshness solutions into table grapes and berries.
PHILADELPHIA, Sept. 19, 2023 /PRNewswire/ -- AgroFresh Solutions Inc., a global leader in AgTech innovation specializing in post-harvest produce freshness and quality solutions, announces the completion of its acquisition of Tessara. South African based Tessara is an industry-leading provider of intelligent packaging solutions for preserving fresh produce, specializing in SO2 generating sheets to prevent decay in table grapes, berries, and flowers. The acquisition of Tessara is an exciting next chapter for AgroFresh, furthering its mission to prevent food loss/waste across the produce supply-chain by providing a range of science-based freshness solutions, digital technologies, and services for a broad range of crops. The transaction was completed following clearance by the South African competition authorities.
The acquisition of Tessara amplifies AgroFresh's capabilities in post-harvest produce freshness and food waste reduction with added solutions for key crop segments such as table grapes and berries, while significantly enhancing its presence across fruit growing regions including South Africa, China, Australia and South America.
"AgroFresh and Tessara both aspire to bring continued value to our customers globally," notes Clint Lewis, Chief Executive Officer at AgroFresh. "We have a shared vision to be the global leaders in the provision of post-harvest solutions for the fresh fruit and produce industry. And what does global leadership really mean? It means that many more varieties of crops get the benefits of a solution that helps enhance freshness and quality and really supports growers and producers."
Founded in 1985 in Cape Town, South Africa, Tessara's offerings and innovations have grown to protect more than $3 billion worth of fresh produce annually in more than 30 countries.
"Over the course of the past few decades, Tessara has grown into a global leader in the provision of SO2 solutions used for prevention of decay for a number of high-value crops," said Jaco Smit, Chief Executive Officer at Tessara. "Being part of AgroFresh gives us access to resources to support ongoing research and development, production facilities around the world, and, most importantly, a global presence. Combining our portfolio with AgroFresh's portfolio will make us a significant force in post-harvest technologies around the world."
This acquisition enables AgroFresh and Tessara to offer more freshness solutions for more crops in more regions, reducing food waste and ultimately resulting in a more sustainable, abundant supply of fresh produce around the world.
AgroFresh Solutions Inc. is a portfolio company of Paine Schwartz Partners, a global leader in sustainable food chain investing.
For more insights into AgroFresh and Tessara, visit: https://www.agrofresh.com/agrofresh-tessara/
AgroFresh is an AgTech innovator and global leader with a mission to prevent food loss/waste and conserve the planet's resources by providing a range of science-based solutions, data-driven digital technologies and high-touch customer services. AgroFresh supports growers, packers and retailers with solutions across the food supply chain to enhance the quality and extend the shelf life of fresh produce. The AgroFresh organization has 40 years of post-harvest experience across a broad range of crops, including revolutionizing the apple industry with the SmartFresh™ Quality System for more than 20 years. This is powered by a comprehensive portfolio that includes plant-based coatings, equipment and proprietary solutions that help improve the freshness supply chain from harvest to the home. To learn more about AgroFresh, visit www.agrofresh.com.
Tessara is a global market leader in the preservation of fresh produce, supplying growers and exporters worldwide with innovative products to extend the shelf-life of fresh produce during post-harvest transportation and storage. For over 37 years, Tessara has developed and supplied laminated SO2 generating sheets to protect fresh produce including table grapes, berries and flowers against the leading causes of post-harvest decay, including Botrytis cinerea. With a commitment to innovation and sustainability, Tessara has been at the forefront of reducing food waste and minimizing its environmental impact by introducing fully recyclable SO2 generating sheets. To learn more about Tessara, visit www.tessara.co.za.
About Paine Schwartz Partners
A global leader in sustainable food chain investing, Paine Schwartz Partners is a private equity firm focused exclusively on investment opportunities in the fast-growing, dynamic global food and agribusiness sectors. The firm's investment, operations and finance professionals invest throughout cycles across the food and agribusiness value chain and bring a collaborative and active management approach to portfolio companies. For further information, please see www.paineschwartz.com.
AgroFresh Media Contact
Rochelle Ripp Schnadt
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