Manulife Investment Management completes majority acquisition of Chilean fruit exporter, David Del Curto S.A.

Acquires a controlling interest in the Chilean fruit production, packing and export firm

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BOSTON, Jan. 28, 2021 /PRNewswire/ -- Hancock Natural Resource Group (HNRG), a company of Manulife Investment Management, announced today it has completed a majority acquisition of David Del Curto S.A. ("DDC"), on behalf of its third-party clients. The acquisition helps to  diversify its growing agricultural portfolio through its Farmland Plus initiative. Farmland Plus assets include integrated crop operations such as transitional processing, storing and packaging for wholesale distribution. The acquisition is in keeping with Manulife Investment Management's priority to strategically grow its private markets offering across timber, agriculture, infrastructure, real estate, private equity and credit.

David Del Curto, S.A. is a leading Chilean fruit production, packing and export company, which produces over ten different fruit types across eleven farms, while also managing one of the largest nurseries in the country.  It also operates three packing facilities with a capacity of nine million boxes of fruit. DDC will continue to be led by Fernando Cisternas, the current CEO, and the management team, who will oversee day-to-day operations and key strategic growth projects.

"David Del Curto is a well-respected firm with more than 65 years of success in fruit production and extensive sales relationships throughout Asia, Europe, North America and the Middle East," said Stephen J. Blewitt, global head of private markets, Manulife Investment Management. "The acquisition strengthens and diversifies our existing portfolio as DDC is in a solid position; both currently with market-leading characteristics and for the future with state-of-the-art farmland facilities and opportunity for additional strategic growth."

"The acquisition of DDC opens a new market for our agricultural clients. Both the company's track record and Chile's reputation in the global agricultural markets make this an attractive agricultural investment," added Oliver S. Williams, CFA, global head of agricultural investments, HNRG.

The acquisition will also benefit from maintaining a connection to the previous ownership. The Corso Group (TCG), the investment unit of the Cortes Solari family office, acquired an ownership stake of DDC in 2005 and in this transaction will maintain a minority stake in the firm. TCG's experience in managing through Chile's agricultural cycle and the overall continuity in management expertise will have both tangible and intangible impact on the future success of the company.