Multiple firms in cross-border berry business buy

Philippi Prietocarrizosa Ferrero DU & Uría (Peru) has helped Canada’s largest pension fund manager PSP Investment acquire a majority stake in Peruvian agribusiness HFE Berries from Chile’s Hortifrut.

Hortifrut relied on Cuatrecasas (Peru) and Payet, Rey, Cauvi, Pérez Abogados in Lima.

Canadian firm Davies is also thought to have been involved in the deal, but Latin Lawyer could not confirm this prior to publishing.

The transaction, which handed PSP a 75% stake in HFE Berries, closed on 24 May. The value of the deal is confidential.

The deal is in line with Hortifrut’s strategy to form alliances and associations with investors, while also growing its portfolio of products.

With the acquisition, PSP now also holds HFE Berries’ full ownership of the Olmos field, a planted area of almost 400 hectares located in north-western Peru. HFE Berries is based in the city of Chiclayo, located in that same area. The company employs around 2,500 people.

Santiago-based Hortifrut produces and sells a wide range of fresh and frozen berries, such as redcurrants, strawberries, blueberries and raspberries.

Counsel to PSP Investment

Philippi Prietocarrizosa Ferrero DU & Uría (Peru)

Partner Guillermo Ferrero and associates Victor Abad and Jaqueline Febres in Lima

Counsel to Hortifrut

Cuatrecasas (Peru)

Partners Oscar Trelles and Kiomi Mercedes Osorio, and associates Alonso Benavides in Lima

Payet, Rey, Cauvi, Pérez Abogados

Partners Alfredo Chan and Vanessa Watanabe, and associates Lisset López, Paula D’Medina and Sharmilla Ríos Peña in Lima.