El fondo agrícola de Harvard negocia la compra de Projar

The Harvard Agricultural Fund, represented by Solum Partners, has emerged victorious in securing the exclusive negotiations to acquire a majority stake in Projar. Based in Boston, Solum Partners is a U.S.-based venture capital manager affiliated with Harvard University. The company has opened an office in Madrid and is currently the owner of approximately $2.0 billion in assets.

Solum Partners was formed in 2020 after separating from Harvard Management Company, the entity that manages Harvard's financial heritage. The fund specializes in investing in production, processing, distribution, and commercialization companies, particularly fresh produce. The firm has been increasing its presence in Europe, especially in Spain and the United Kingdom, with notable investments in Agrupapulp, Greenyard, Westfalia, Nourse Farms, and Staples Vegetables.

Founded in 1983 by Alejandro Faus in Valencia, Projar pioneered the commercialization of fiber-based products for hydroponic cultivation (i.e., soilless cultivation) in Spain. Its main activity revolves around the development and sale of substrate and other soilless cultivation solutions for plant, fruit, and vegetable growers. In recent years, Projar has expanded its operations into landscaping, bioengineering, and environmental restoration projects.

The company employs 165 people and generates over €108 million annually in revenue, with a presence in 45 markets. Projar's annual EBITDA is projected to reach €13.5 million, with a forecast of €15 million for the current fiscal year.

Should the negotiations succeed, this would not be Solum Partners' first investment in Spain. The firm already acquired the fruit and vegetable producer Agrupapulp a few months ago. The founders and executive team are expected to remain in control during the new stage. Solum Partners is a specialist in agriculture, food, and related enterprises in the agro-food supply chain.