Sao Paulo — World Eggs, an organization managed by Brazilian entrepreneur Ricardo Faria, has agreed to purchase US egg producer Hillandale Farms for $1.1bn, Faria stated on Thursday.
World Eggs is predicated in Luxembourg and likewise operates Granja Faria in Brazil.
Faria stated the deal is unrelated to tight US provides as a consequence of chook flu that has pushed up egg costs and induced the US to spice up imports from Brazil.
Sometimes called the “Egg King,” Faria stated he’s assured egg consumption will proceed rising globally.
“We’re wanting on the world, and primarily on the Western world,” he stated.
The entrepreneur stated there was a shift in egg consumption patterns over the previous 15 years. Beforehand, eggs had been primarily in demand amongst lower-income households, however they’ve grow to be a staple throughout all social and financial lessons, he stated.
Faria established World Eggs final yr and it made its first abroad acquisition, Spain’s Grupo Hevo, in November.
He stated Hillandale, Hevo and Granja Faria had mixed income of over $2bn in 2024.
As a part of the Hillandale acquisition, the personal fairness arm of Brazilian funding financial institution BTG Pactual will make investments $300m in World Eggs in change for an 11% stake within the group, Faria added.
Previous to asserting the Hillandale buy, World Eggs had plans for an preliminary public providing in New York, however for now, the corporate will concentrate on integrating its newest acquisition and strengthening its manufacturers, Faria stated.
Reuters
