NEW YORK, March 20 -- AIG Global Investment Group (AIGGIG) today announced that AIG Capital Partners, Inc., a member company, has acquired a substantial equity interest in Falcon Farms, a leading importer and distributor of fresh cut flowers in the United States and Canada.
Founded in 1987, Falcon Farms operates over 300 hectares of farmland in Colombia, Ecuador, and Mexico. The company primarily supplies its fresh cut flowers to leading mass merchant retailers throughout the United States. Proceeds from this round of financing will allow Falcon Farms to fund organic growth and to expand through acquisitions.
"This infusion of capital represents the beginning of an exciting new period of growth for Falcon Farms and its clients," stated Jaime Restrepo, Chairman of the Board. Jairo Rengifo, President and CEO of Falcon Farms, added, "We look forward to working with our new partners to continue to achieve industry-leading growth in the coming years."
Scott Foushee, a Managing Director of AIG Capital Partners, noted, "Falcon Farms has truly led its industry in terms of growth and service quality. These successes, combined with a talented management team, distinguish Falcon from its competitors." Mr. Foushee, along with another AIG appointee, will join the Board of Directors of Falcon Farms.
As a member company of AIG Global Investment Group, AIG Capital Partners is a leading private equity investor in emerging markets, with 100 investment professionals located in 19 offices worldwide.
Falcon Farms was advised by Stephens Cori Capital Advisors and Greenberg Traurig, LLP, while AIG Capital Partners was advised by Kirkland & Ellis, LLP and Prieto & Carrizosa (Bogota, Colombia).
AIG Global Investment Group
AIG Global Investment Group (AIGGIG) is a worldwide leader in asset management, with extensive capabilities in equity, fixed income, multi-manager hedge funds, private equity, and real estate. AIGGIG manages more than US $670 billion in assets, and employs over 1,900 professionals in 44 offices around the world as of December 31, 2006. Total assets under management include approximately US $563 billion of AIG affiliated assets. AIGGIG comprises a group of international companies which provide investment advice and market asset management products and services to clients around the world. The member companies of AIGGIG are subsidiaries of American International Group, Inc. (NYSE:AIG).
CONTACT: London: Christine Wood, +44
Source: AIG Global Investment Group