AgraQuest, headquartered in Davis, California, US, supplies biological pest management solutions based on natural microorganisms. The acquisition will enable Bayer CropScience to build a technology platform for green products and to strengthen its fruits and vegetables business, it said.
Green products control pests and diseases and offer farmers integrated pest management programs to minimize development of resistance and maximise crop yields.
“Emerald was an early investor in AgraQuest and has supported the company to achieve its key strategic and organisational transformation over the past years,” said Gina Domanig, managing partner at Emerald and board member of AgraQuest. “This exit represents a very attractive valuation and puts the company on a platform to roll out its technology even faster in the future.”
“The growing fruits and vegetables market, which today accounts for more than 25 percent of our sales, is of strategic importance for us. We plan to achieve €3bn sales in this segment by 2020 and with the acquisition of AgraQuest we are underlining our growth ambitions,” added Sandra Peterson, CEO of Bayer CropScience.
Founded in 2000, Emerald manages three venture capital funds and two venture capital portfolio mandates totaling over €300m.
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