Farmind Corporation (Head Office: Chiyoda-ku, Tokyo; President and CEO: Tatsuo Horiuchi; hereinafter “Farmind”), a comprehensive fruit and vegetables marketer with a nationwide cold chain, entered into a Capital Alliance Agreement with Gulf Japan Food Fund (“GJFF”) and Mizuho Gulf Capital Partners Ltd (MGCP), which provides investment advisory services to GJFF. GJFF is a private equity fund established by Mizuho Bank, Ltd. (Head Office: Chiyoda-ku, President & CEO: Koji Fujiwara) and The Norinchukin Bank (Head Office: Chiyoda-ku, President & CEO: Kazuto Oku) and other investors. Based on the approval of Farmind’s extraordinary shareholders’ meeting scheduled on December 19, 2019, GJFF plans to undertake ¥2.5 billion of convertible bonds with warrants, which are issued via third-party allotment.

GJFF is a private equity fund established in March 2016 to promote the export growth of Japan’s agricultural, livestock, and fisheries products and related production and operational technology to the Middle East from a financial perspective. From the Japanese side, Mizuho Bank and the Norinchukin Bank, as well as the Organization for Supporting the Development of Overseas Demand through Public-Private Sector Funds (Cool Japan Organization), and Middle Eastern Government-affiliated funds invested a total of US$390 million, and investment activities began in March 2016.

Established in 1991, Farmind is a large scale integrated fruit and vegetables distribution company dedicated to “Bringing producers and consumers together”. We have a nationwide cold chain logistics network which enables them to bring the dreams of production areas and growers to people’s dining table. Farmind has a cold chain covering the whole of Japan with 14 centers dedicated to handling fresh produce nationwide, IT systems developed exclusively for fresh produce, and a wide range of specialized capabilities covering all areas of fruit and vegetable distribution, including procurement, manufacturing and processing, marketing, logistics and sales. Farmind offers bananas, avocados, kiwi fruits, pineapples, and a wide variety of other products, including both local and imported fresh produce.

Based on this capital alliance, GJFF, MGCP, and Farmind will collaborate on promoting advanced supply chain technology, including cold chains, in markets outside Japan, such as the Middle East, as well as promoting the export of high-quality Japanese produce. These and other efforts are aimed at enhancing corporate value and meeting the needs of both producers and consumers in Japan and overseas markets.

Based on our corporate philosophy of “Bringing producers and consumers together,” we will continue to contribute to the development of domestic and overseas fruit and vegetables distribution from a variety of perspectives. We will continue to strengthen our supply system for fruit and vegetables both in Japan and overseas and improve quality through our cold chain network, and deliver fresh and delicious fruit and vegetables from producers to consumers.