UPL Limited, the global agriculture solutions provider and Alpha Wave Global, a leading global investment firm has announced signing of definitive agreements under which Alpha Wave Global will invest US $350 million to acquire approximately 12.5% stake in Advanta Enterprises Limited, a subsidiary of UPL and a leading global seed company that delivers innovative farming solutions and technology to farmers around the world.

The transaction is a combination of a primary investment of US $100 million and a secondary sale of shares of US $250 million in Advanta by UPL. Alpha Wave will make its investment from its Alpha Wave Ventures II fund, which invests in leading global businesses with a robust competitive advantage.

The primary proceeds will be used to advance Advanta’s growth through organic and inorganic initiatives, capitalizing on its superior competitive positioning and robust tailwinds within the global seeds industry.

The secondary proceeds will be utilized by UPL to deleverage its balance sheet in alignment with its articulated financial objectives. This transaction marks the second investment by a global investor in Advanta, following a US$ 300 million investment by global investment firm KKR in October 2022.

Jai Shroff, Group CEO, UPL said, “We are delighted to partner with Alpha Wave on Advanta, our global seeds platform, which has emerged as a leading player in sustainable agriculture solutions, enhancing the livelihood of farmers globally. The company operates under the principle of ‘farmer first’, ensuring that solutions are tailored to meet the specific needs of farmers based on Advanta’s proprietary germplasm bank and strategic crops. Advanta is committed to promoting food security and sustainable agriculture and is making significant progress in developing climate-smart crops that are resilient to drought and salinity. This marks the second investment by a prominent global investor in Advanta since December 2022, further validating the strong fundamentals and promising growth trajectory for the business. We look forward to collaborating closely with both Alpha Wave and KKR to leverage their collective expertise and drive continued success as we embark on the next phase of our growth journey.”

Rick Gerson, co-founder and Chairman, Alpha Wave Global said, “We are excited and honored to partner with Jai Shroff and the UPL and Advanta teams in their mission of thoughtfully growing Advanta, while maintaining its outstanding reputation and history of execution.”

Navroz D. Udwadia, Co-Founder and Partner of Alpha Wave Global said, “Alpha Wave is excited to invest in Advanta, a global seeds platform that has a core focus on R&D at the heart of its competitive moats. We believe that via a combination of organic growth driven by customized products sold into markets where Advanta has dominant positions, as well as tuck-in acquisitions, Advanta has an exciting path ahead of it in compounding the scale of the business. We are particularly excited to partner with Jai Shroff and his outstanding team, as well as KKR, and help add value in building the business in the years leading up to a potential IPO.

JM Financial Limited acted as a sole and exclusive financial advisor to UPL & Advanta for this transaction. The transaction is subject to customary closing adjustments and regulatory approvals.