Sicit Group acquires stake in Chilean biostimulants company

Sicit Group has acquired a majority 51% stake in Chilean company Patagonia Biotecnologia.

A producer of hydrolyzed proteins from the leather industry, Sicit Group is a subsidiary of NB Renaissance and Intesa Holding.

Patagonia Biotecnologia is a producer of seaweed-based biostimulants for agriculture. The company harvests seaweed from Patagonian waters, where the company has a number of concessions, says the statement from NB Renaissance and Intesa Holding.

“The market for biostimulants grows at double digit rates. By acquiring Patagonia Biotecnologia,” says Massimo Neresini, CEO of Sicit Group, “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. “The company’s revenues have been growing at about 40% over the past four years, reaching EUR 5 million in 2022, 60% of which are generated exporting in North and South America,” said the statement.

Read the March/April 2023 issue of New AG International, here.