GIC acquired a significant minority stake in Aqua Capital-backed Soluções Biológicas (Biotrop), a Brazilian biological agtech inputs company. The transaction is subject to approval. 

(Press Release) Private equity manager Aqua Capital and GIC, Singapore’s sovereign wealth fund, announced today that they have entered into a binding agreement for the acquisition by GIC of a significant minority stake in Biotrop Soluções Biológicas (Biotrop), a leading Brazilian biological ag inputs company majority owned by Aqua Capital’s Fund II.

The final close of the transaction is still subject to the approval of the Brazilian anti-trust authority (CADE) and is expected to take place within 60 days.

Biotrop is a company focused on developing and producing high-tech biological agricultural inputs, a critical vertical for promoting sustainability and increasing productivity in agribusiness. The company was founded by Aqua Capital in 2018, to bring to life its vision in the biological ag inputs market. Biotrop later performed a transformational acquisition of Total Biotecnologia to accelerate its development and to consolidate itself as a high-growth leader in the Brazilian market. The company has almost doubled sales over the last two years, while improving gross and Ebitda margins despite investments to promote future growth.

Since the acquisition of Total Biotecnologia, Biotrop has grown organically more than 35% p.a both in revenues and Ebitda despite ongoing economic volatility impacting the Brazilian market and lockdown measures restricting aggressive sales growth plans. In 2020, the company made major progress structuring the base for long-term growth, accelerating its R&D program and further optimizing its industrial production, S&OP, and commercial structure.

“Biotrop’s expansion plan throughout the Americas continues on track, consolidating its leadership position in Brazil, while strengthening its presence in other key markets like Argentina and Paraguay and preparing its entrance into other South American markets and the US. The incorporation of a well-connected, global investor such as a GIC is a key step towards accelerating this growth agenda,” said Tomás Romero, partner at Aqua Capital.

“Counting on an investor of the caliber of GIC highlights the value and growth potential of Biotrop and recognizes the continued hard work and commitment of our team,” said Antonio Carlos Zem, CEO of Biotrop. “Serving our customers with innovative and sustainable solutions remains our top priority.”

About Biotrop
BIOTROP is a leading agtech focused on biologicals and natural sustainable solutions for agriculture. As the result of the dedication of a select group of professionals passionate about agribusiness, the company offers the most high-tech biological inputs to growers.

About Aqua Capital
Founded in 2009, Aqua Capital is an independent private equity manager whose philosophy is to expand companies with potential for leadership and growth in the agribusiness and food chain, with a track record of success and strong stewardship. For further information please contact [email protected]

About GIC
GIC is a leading global investment firm established in 1981 to manage Singapore’s foreign reserves. As a disciplined long-term value investor, GIC is uniquely positioned for investments across a wide range of asset classes, including equities, fixed income, private equity, real estate and infrastructure. Headquartered in Singapore, GIC has investments in over 40 countries and employs over 1,700 people across 10 offices in key financial cities worldwide. For more information on GIC, please visit http://www.gic.com.sg/ or LinkedIn.