After Dole's exit from the company last year, a leading supplier of West African fruit to the European market now has new minority shareholders.

During the international trade fair Fruit Logistica in Berlin yesterday, Compagnie Fruitiere executive director Paul Bouzon told www.freshfruitportal.com that two French banks along with one agriculturally-focused French fund had acquired a minority holding in group in January.

"These investors are close to the agroindustry business and they are long-term investors. It is not a private fund for a short-term in and out; I think they have the same fit with the family company," he said.

"It's going to put some pressure on the group to deliver innovation, to deliver profitability and to challenge ourselves."

The Fabre family still holds a greater share than it did before the Dole split.

Compagnie Fruitiere grows tropical fruit in the Ivory Coast, Ghana and Cameroon, as well as vegetables in Senegal, coupled with an export operation to West Africa courtesy of its own fleet of ships.

Update (Feb. 12, 2015)

Compagnie Fruitiere has since released further details of the new investors, naming Unigrains and Crédit Agricole as lead managers, and Société Générale Capital Partenaires as a co-investor.

"Thanks to this investment, Compagnie Fruitière has acquired the means to pursue and finance ambitious and proactive growth after withdrawing the American-based Dole Food Company from its capital in May 2014," the company said in a statement.

Unigrains investments and development director Didier Bosc said Unigrains was delighted to support Compagnie Fruitière in its international investment program.

"This fantastic French ETI has been led for 75 years by the founding family and is established and recognised in West Africa in the field of agricultural production, transportation and logistics of fruits," Bosc said.

A representative of IDIA Capital Investissement - part of Crédit Agricole - said they were won over by a resilient business model based on the total control of the fruit chain with a strong presence in production.

"Compagnie Fruitière also proposed to us an ambitious business plan based on the development and deepening of the synergies between the various business areas," associate director Arnaud Pradier said.

Marseille-based Compagnie Fruitière has a turnover of more than €700 million (US$795 million), and its founding family is still a majority holder in the business.

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