From Vision to Reality
Building Vertically Integrated Produce Businesses
When I look back at my work with Aqua Capital on the creation of their Permanent Crop Platform (PCP), I see a story that goes far beyond investment. It is a case study in how vision, discipline, and most importantly execution can come together to shape an industry.
Aqua Capital, a $4B private equity firm based in Brazil, had a bold idea: to build a vertically integrated produce company that could grow, pack, market, and distribute fruit across the U.S., Europe, and Asia. The ambition was significant—$500M in targeted investments across upstream fruit production in Latin America and downstream distribution assets in the U.S. and Europe.
My role was to help bring this vision to life. That meant:
Defining the investment thesis and strategy: Identifying what success would look like, the right mix of crops, and the geographies that could deliver both resilience and growth.
Establishing acquisition parameters: Setting clear criteria for what made an asset truly valuable, not just financially, but also strategically and operationally.
Evaluating opportunities: Reviewing companies across multiple countries and recommending those that fit our long-term objectives.
Supporting due diligence: Going beyond financials to understand operations, risks, people, and culture.
Shaping leadership: Interviewing and selecting executives who could run the corporate functions of a modern, global platform.
What made this project unique was its scale and its integration. It was not just about buying farms or warehouses; it was about creating a seamless system—from orchard to consumer—that could deliver consistent quality, sustainability, and value across borders, while mitigating the expected risk factors associated with this industry.
The key lesson I took away is that building a business of this nature requires both patience and boldness. Patience to get the fundamentals right—land, logistics, leadership—and boldness to move quickly when the right opportunity arises.
Today, the Permanent Crop Platform stands as a model of what is possible when private equity investment meets deep sector knowledge and disciplined execution. For me, it also reaffirms a belief I have carried throughout my career: success in agribusiness is not only about capital; it is about vision, people, and the courage to connect the two.