Fountain Plants, a UK-based vegetable and plant supplier, has announced a "strategic partnership" with Solum Partners, a US investment management firm.
Lincolnshire-headquartered Fountain Plants expects to enhance its “operational capabilities” and “accelerate” growth to meet the increasing demand for “high-quality” brassica, lettuce, and leek plants.
The terms of the deal were not disclosed. Solum Partners did not return a request for further comment.
In a statement, Fountain Plants director Robin Fountain said: “We are extremely excited to announce this new partnership with Solum, and look forward to continuing to serve our customers across the UK.”
Solum Partners CEO Colin Butterfield added: “Robin and his family have created an industry-leading business that provides a critical service to the agricultural sector in the UK.
“We are looking forward to partnering with them to expand this business and to ensure that Fountain Plants continues to produce the highest quality vegetable plants in the region.”
Founded by Roy and Thelma Fountain in 1964, the company has grown from a small family business into a professional operation managing over 50 acres of greenhouses.
Fountain Plants specialises in the production of young plants, ranging from brassicas to leeks, and aims to continue expanding its glasshouse capacity.
Solum Partners, managing around $1.9bn in assets, focuses on the agriculture and food production industry.
The firm, which originated from Harvard Management Company in October 2020, closed its Solum Partners Fund II (Fund II) at $850m in April last year.
The Fund II's investments span a diverse range of crops globally such as almonds, apples, berries, and coffee.
At the closing of the fund, Butterfield said: “Through our unique owner-operator approach, we are proud to partner with farmers and industry leaders to not only provide capital but also foster operational improvements and leverage vertical integration to ensure they are at the forefront of the industry and positioned for continued and accelerated success.”
In March this year, Solum Partners and fresh produce company Alpine Fresh sold Bomarea and AvoAmerica Peru to fresh fruit producer and distributor Unifrutti Group.
