Black River Capital Partners Food Fund Increases Stake in AgriNurture (Asia)
Source: Asian Venture Capital Journal | Author: Mirzaan Jamwal
Global asset management company Black River Asset Management has increased its stake in Philippines-listed food processing and export company AgriNurture (ANI) from 28.1 percent to 30.9 percent with the acquisition of 15 million shares from Antonio L. Tiu, president and chairman of ANI. The transaction was structured through the Black River Capital Partners Food Fund. Last month the company also issued convertible bonds in favor of Black River, with a face value of PHP335 million (approximately US$7.5 million). Black River originally entered into an agreement with ANI in December 2011 to purchase a 28.1 percent stake for US$30.5 million.