by Leonardo Gottems

Spanish agribusiness group Sustainable Agro Solutions (SAS), backed by British private equity firm Stirling Square Capital Partners, has acquired Aqua do Brasil, a fast-growing Brazilian producer of specialty and botanical-based fertilisers.

The deal, the company’s first acquisition outside Europe, marks a strategic step in SAS’s ambition to become a global leader in sustainable plant nutrition.

Founded in 2010 in Salto, São Paulo state, by biologist Luciano Gasparini, Aqua do Brasil has carved out a distinctive niche in the Brazilian horticultural and speciality crops market with a strong emphasis on biological innovation and high-value fertiliser solutions. Gasparini, who remains CEO following the transaction, said the deal marks “a new chapter of growth” for the company.

“Over the years, through hard work and dedication, we have built a story of trust with clients and partners across Brazil and Latin America. I am very proud of what we have achieved together,” Gasparini noted. “This integration marks the beginning of a new phase of growth, innovation, and impact in the sector. I will continue leading Aqua in Brazil — now even stronger, with the global expertise of SAS Group alongside us.”

Aqua currently operates with four R&D laboratories and a modern production unit in Salto, which has utilised only about 40% of its installed capacity — a significant advantage for SAS as it seeks rapid scalability. The company reported revenues of BRL 40 million (about USD 8 million) in 2024, maintains operations free of debt, and employs individuals from across nearly 60 local families. Financial terms of the acquisition were not disclosed.

The company’s average growth rate of 35% to 40% annually has enabled it to expand distribution across 21 Brazilian states, with a strong presence in fruit production hubs in the Northeast, as well as exports to ten Latin American countries.

Gasparini highlights that when Aqua started, sustainability was not yet a pressing demand among producers. But attitudes have shifted dramatically.

“Fifteen years ago, growers were not overly concerned with sustainability. Today, the shift has been fast and profound,” he explained. “Producers are looking for solutions with innovation, efficiency, and long-term impact, and that has been the essence of our journey.”

Why SAS Took Notice

For SAS — already present in over 100 countries but with limited operations in Brazil — Aqua do Brasil brings both local market penetration and a proven innovation pipeline in high-margin products. The Brazilian firm’s range of specialty fertilisers, soil conditioners and plant biostimulants aligns tightly with SAS’s sustainable agriculture strategy, which focuses on biological and organic solutions.

Among Aqua’s most notable products are:

• Botanical extract-based biostimulants, using natural inputs such as clove and sesame, designed to enhance plant vigour and stress resistance.
• Soil conditioners, aimed at restoring soil structure and improving nutrient uptake in intensive cultivation systems.
• Plant bioactivators, products tailored to improve crop resilience and productivity under increasingly unpredictable climate conditions.
• Aquaphos – a foliar fertilizer of potassium phosphite.

The combination of strong R&D, successful commercialisation in horticulture and fruit crops, and an expanding export footprint made Aqua particularly attractive to SAS. “There is a clear sense of perennity in this segment,” noted Gasparini.

SAS’s acquisition reflects broader consolidation in the global specialty fertilisers market. This acquisition marks SAS’s first international acquisition and follows the purchase of Biovert, a leading biosolutions company, in July 2023, as well as the carve-out of Pevesa Agroscience — a producer of plant-based biostimulants and fertilizers — from Kerry Group in December 2024.

With Aqua do Brasil as its foothold in the largest agricultural economy in Latin America, SAS is positioning itself for further expansion across the Americas. Enrico Biale, Partner at Stirling Square, added: “Aqua do Brasil is a fantastic and fast-growing business, providing SAS with a robust platform to better meet rising demand through local production and operational scale, while also strengthening its presence in the strategically important Latin American region.”

Eduard Vallverdú, CEO of SAS, commented: “Aqua do Brasil has deep expertise and has built an outstanding business with significant growth potential. With a high-quality product portfolio, well-structured production facilities, and a loyal and expanding customer base, Aqua do Brasil is uniquely positioned for future success. By combining our capabilities, we will unlock significant opportunities to strengthen our value proposition, scale production, and broaden our customer reach — both in Brazil and across the Latin American region.”

For Gasparini, the sale is not an ending but an evolution. “We now have the opportunity to scale our solutions more quickly, reach new markets, and add even greater value to the farming community,” he concluded.

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