Cibus Capital’s (Cibus) Cibus Fund I has signed a share purchase agreement to sell the Iberian extra virgin olive oil producer and processor, the Innoliva Group (Innoliva), to the global private asset manager, Fiera Comox Partners (Fiera Comox).
The sale of Innoliva, the largest asset within Cibus Fund I, marks Cibus Fund I’s first exit of a wholly-owned portfolio company.
Under Cibus Fund I’s ownership, Innoliva has doubled its footprint from c4,300ha of super high density olive oil production to over 8,300ha of diversified products including almonds and table olives, and completed the conversion of over 2,300ha of olive orchards to organic production.
Advisers to Cibus Fund I in the sale process, which is expected to complete by teh end forth year, include Lazard as financial adviser and Uría Menéndez as legal adviser, with KPMG supporting throughout the due diligence process.
