Boulevard completes AgroFresh purchase
The US investment company, Boulevard Acquisition, has completed the acquisition of Dow Chemical's post-harvest agrochemical AgroFresh business and renamed the operation AgroFresh Solutions. Boulevard agreed to acquire a majority stake in the business in late April. Boulevard completed the purchase for $635 million in cash plus 17.5 million shares of common stock valued at $10 per share, bringing the total amount to $810 million. Dow retains a minority holding in AgroFresh Solutions, initially amounting to a 35% stake, with Boulevard holding 55%. Certain investors who have entered into separate agreements to acquire Boulevard common stock own about 10% of the business. "We expect to continue to grow through strategic expansion of our core franchise, the development of a robust pipeline of high-value solutions that preserve the quality and value of fresh produce, and the pursuit of related, accretive acquisitions," says AgroFresh Solutions' chief executive officer, Thomas Macphee.