Food additive producer AgroFresh Solutions has paid $10m for a 15% stake in UK-based food packaging technology developer Food Freshness Technology Holdings (FFT) as part of a commercial agreement deal.
FFT has created an ethylene removal filter it markets under the name It’s Fresh. Ethylene is the plant hormone that ripens fruit, and the filter, when used in packaging, serves to delay the ripening effect.
The terms of the agreement will enable AgroFresh, which already provides a system called RipeLock to preserve bananas, to use It’s Fresh technology for foodstuff such as cherries, berries, avocadoes and tomatoes. The companies’ research and development teams will also seek to collaborate on work.
Peter Shalson, chief executive of FFT, said; “We are excited by AgroFresh’s investment and their ability to extend our commercial reach through AgroFresh’s strong brand and global distribution network.
“Both companies share a common culture and an unwavering commitment to developing new solutions to the growing problem of food waste, especially at retail. Under this commercial agreement, we will work cooperatively to grow our market share in the retail and grower segments.”
Anterra Capital, a growth capital firm spun off from financial services firm Rabobank, supplied a reported €5m ($6.9m at contemporary rates) for FFT in 2013, doubling its total funding in the process.
Mining company Anglo American Platinum is also an investor in FFT, and held a 10% stake as of the end of 2015, according to a corporate financial report.