AgroFresh invests in Freshness Technology Holdings in UK

AgroFresh, a US-based developer of produce freshness solutions, has invested $10m in the UK-based Freshness Technology Holdings (FFT) to acquire a 15% stake in the company.

In addition to the investment, the US firm has also signed a commercial agreement with FTT.

Headquartered in Cranfield, UK, FTT offers ethylene filters under the ‘It’s Fresh!’ brand, which creates a protective ‘Freshasphere’ around fruit and vegetables to improve the quality of the products and reduce food waste.

FFT’s markets its filters to retailers, growers and exporters in North America, EMEA, and Latin America.

Food Freshness Technology CEO Peter Shalson 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.”

AgroFresh anticipates that their investment in FTT will enable them to enter the food freshness solutions in the retail segment.

AgroFresh CEO Jordi Ferre said: “This commercial agreement provides a creative approach to gaining access to ground-breaking technologies as well as entering into unique collaborations to accelerate our retail growth strategy.

“We expect FFT’s It’s Fresh! technology to complement the RipeLock Quality System, our retail solution for extending the freshness of bananas.

“Through the commercial agreement, AgroFresh will gain access to It’s Fresh! Ethylene Removal Filters, adding a new technology offering for high-value crops such as berries, stone fruit, avocados, tomatoes, and cherries, and opening up new opportunities to address food waste in retail.”

The two companies have also agreed that their research and development teams will work together to promote their mutual goal of improving food quality.