April 23, 2018

Food and agribusiness-focused investment firm AGR Partners announced an investment in Titan Farms, a leading South Carolina-based, vertically integrated peach grower and processor.

Founded in 1999 when Chalmers and Lori Anne Carr leased the farm and launched the business, Titan Farms has grown over the years from a 2,000-acre farming operation to one consisting of more than 7,000 acres, including 385 acres of bell peppers and 325 acres of broccoli. The business also has developed into a top packer and processor of peaches and vegetables, shipping both fresh and processed produce throughout North America, including the U.S., Mexico, and Canada.

The capital gained through this deal will be earmarked by Titan Farms to support current operations as well as to facilitate the company’s growth strategy which encompasses marketing alliances, strategic acquisitions, and diversification into adjacent business lines.

“The entire Titan team is excited to have AGR Partners on board as we enter the next phase of our growth plan,” said Chalmers Carr, CEO and president of Titan Farms. “AGR has not only provided the capital needed to embark on the next chapter of Titan Farms but will also provide a deep network and industry expertise that will help facilitate continued organic growth and strategic acquisitions for the company.”

Passion for Peaches

The Carrs and Titan Farms have a passion for peaches, according to the company website, which notes that the company grows more peaches than the entire state of Georgia.

The U.S. grows peaches in 23 states, and is a net exporter of the fruit, according to Agriculture Marketing Research Center. The top four producing states are California, South Carolina, Georgia, and New Jersey, and as of 2014, total peach output for the country topped 838,027 tons with a value of $629.1 million. That same year, the U.S. exported 234 million pounds of peaches valued at $202 million. Of this value, fresh peaches accounted for $178 million, and processed peaches accounted for $24 million. By 2016, the state of California produced 569,000 tons of peaches and South Carolina produced 63,300 tons, according to Statista.

Situated in the second largest peach producing state and in the world’s third largest peach producing country, Titan Farms, as a vertically integrated operation, is well positioned to capitalize upon dietary trends that favor fresh fruit and produce.

“We are excited to partner with Chalmers and Lori Anne Carr and the Titan Farms team to support their growing business,” said Ejnar Knudsen, CEO of AGR Partners. “The AGR team looks forward to working with the premier fresh fruit and vegetable packer and processor.”

Permanent Crops

This is the second deal executed by AGR within weeks that involved permanent crop production and processing.

On April 12, GAI News shared the announcement that AGR Partners had made a capital investment in Vintage Wine Estates in exchange for a minority stake in the company.

Founded in 2008 when Napa Valley Girard Winery owner Pat Roney acquired Sonoma’s Windsor Vineyards, Vintage Wine Estates has grown into a collection of wineries and estates producing approximately 2 million cases of wine per year.

AGR Partners has had a dynamic few years. In May 2016 the firm announced the move of its headquarters to Davis, California, in order to gain an advantage of proximity to the food and ag hub surrounding the University of California Davis.

Working within the four pillars of opportunity, expertise, partnership, and patience, over the past four years AGR Partners has invested more than $280 million in eight companies along the food value chain including Vintage Wine Estates. The firm’s other portfolio companies include: Icicle Seafoods, one of the largest and most diversified companies of its kind in North America; Almark Foods, a leading provider of hard-boiled and peeled eggs; Tru-Test Group, a global dairy and livestock equipment manufacturer; 3D Corporate Solutions, a leading pet food ingredient provider; SEMO Milling, a producer of human grade corn milling products; Opal Foods, a producer of generic and specialty eggs; and Ridley Corporation, Australia’s leading producer of animal feed for the dairy, poultry, swine, sheep, beef, and aquaculture industries.

-Lynda Kiernan