Manulife Investment Management announces minority partnership with Parreira Almond Holding Company, LLC

BOSTON, June 29, 2023 /PRNewswire/ - Manulife Investment Management has announced a minority partnership with Parreira Almond Holding Company, LLC (PAHC), a family-owned almond hulling, shelling, processing, and marketing company, on behalf of its clients. The minority investment will position PAHC and its wholly owned subsidiaries, RPAC, LLC (RPAC) and Parreira Almond Processing Company, LLC (PPAC) for future growth as well as continue to provide a consistent volume of high-quality California-grown and U.S.-grown almonds through both investments in the existing operations and from further acquisitions.

"We are thrilled to partner with the Parreira family who have been in the almond processing business, a farmland plus investment, for more than 50 years. They understand the complexities of agriculture and take a long-term view to growing, processing and marketing almonds," said Oliver Williams, global head of agricultural investments, Manulife Investment Management. "We also believe this investment will bring additional risk mitigation to our overall agricultural platform on behalf of our investors."

Farmland plus refers to investments in companies and assets that combine farm production with processing and marketing, and substantially expands the range of investment options beyond pure farmland investments. These investments are intended to mitigate risk and potentially enhance return of a permanent cropland portfolio and may bring additional value capture, increased revenues and returns, enhanced diversification, and access to various end markets and a reduction in price volatility.

Paul Parreira, PAHC's managing partner added, "We are excited by this investment and partnership, and we look forward to growing the business together and continuing to supply our customers with high-quality almonds for generations to come."

Manulife Investment Management is the largest manager of natural capital in the world.¹ It manages approximately 400,000 acres of prime farmland in major agricultural regions of the United States and in Canada, Chile, and Australia as part of its comprehensive private markets strategies. Its entire U.S. agriculture platform is certified to the Leading Harvest Farmland Management Standard demonstrating a commitment to sustainable practices, robust management, and continuous improvement. It also oversees approximately 6 million acres of timberland across the United States, Canada, New Zealand, Australia, Brazil, and Chile and 100% of those forests are certified under either the Sustainable Forestry Initiative® (SFI®) or the Forest Stewardship Council® (FSC®).

Manulife Investment Management is the global brand for the global wealth and asset management segment of Manulife Financial Corporation. We draw on more than a century of financial stewardship and the full resources of our parent company to serve individuals, institutions, and retirement plan members worldwide. Headquartered in Toronto, our leading capabilities in public and private markets are strengthened by an investment footprint that spans 19 geographies. We complement these capabilities by providing access to a network of unaffiliated asset managers from around the world. We're committed to investing responsibly across our businesses. We develop innovative global frameworks for sustainable investing, collaboratively engage with companies in our securities portfolios, and maintain a high standard of stewardship where we own and operate assets, and we believe in supporting financial well-being through our workplace retirement plans. Today, plan sponsors around the world rely on our retirement plan administration and investment expertise to help their employees plan for, save for, and live a better retirement. Not all offerings are available in all jurisdictions. For additional information, please visit manulifeim.com.

SOURCE Manulife Investment Management