Italian biostimulants company Sicit Group, a subsidiary of NB Renaissance and Intesa Holding, has acquired a majority 51% stake in Chilean company Patagonia Biotecnologia, which manufactures fertilizer and soil amendments from seaweed extracts, according to digital news organization Born2Invest.
“The market for biostimulants grows at double digit rates,” said Massimo Neresini, CEO of Sicit Group. “By acquiring Patagonia Biotecnologia, we will be able to broaden our portfolio to include plant-based products that will reach over 80 countries where we are already present. Sicit is the global leader in the production of high-quality biostimulants of animal origin, and our goal is to expand into plant-based biostimulants as well.”
Patagonia Biotecnologia is headquartered in Puerto Montt, capital of the Los Lagos region, at the gateway of the Chilean Patagonia. Patagonia President David Hockley and CEO Rebeca Galvez will remain involved in the management of the company, with current management being supported by Sicit to accelerate technological growth and business development.