[SAO PAULO] Singapore's sovereign wealth fund GIC has acquired an undisclosed minority stake in Brazilian biological agricultural inputs company Biotrop Solucoes Biologicas, both companies said in a statement on Monday.
Sao Paulo-based private equity firm Aqua Capital has partially sold its controlling stake in Biotrop to GIC, which is also injecting money in the company. The deal value has not been disclosed.
The proceeds will be used to expand Biotrop sales and production and launch new products, said Antonio Carlos Zem, CEO of Biotrop. Currently, the company sells its biological inputs in Brazil, Argentina and Paraguay, but it plans to enter new countries in Latin America, as well as the United States.
Biotrop products can be applied to the soil or plants to enhance the growth of soybeans, corn, wheat and other crops.
Tomas Romero, a partner at Aqua Capital, said the new capital will accelerate Biotrop's expansion plans. The company was founded in 2018 by Aqua.
The deal closing is pending antitrust approval.