JBS SA, the world’s largest meat supplier, said it signed a binding proposal to acquire Dutch plant-based food producer Vivera BV, expanding its presence in the fast-growing segment.
The company plans to pay 341 million euros ($408 million) for Vivera, which has three facilities in the Netherlands and a research center, according to a filing to Brazil’s securities regulator. Vivera, which has about 80 million euros in revenue, has a portfolio of 50 different food items and sells its products in 25 European countries.
With the acquisition, which still requires regulatory approval, JBS will also have its own plant-based production in Europe and expand its presence in the meatless space.
“This acquisition adds a lot of strategic value as Vivera is the Europe’s third-biggest plant-based food producer,” JBS Chief Executive Officer Gilberto Tomazoni said in an interview.
Industry revenue from plant-based meat, eggs and dairy alternatives are set to reach $290 billion by 2035, or 11% of the animal protein market, according to Boston Consulting Group. JBS, like U.S. rival Tyson Foods Inc., entered the plant-based market in 2019, and its teams across the globe have been developing products.
The company already has a sizable footprint in Brazil, where it has 57% of the plant-based burger market. In Europe, its Moy Park subsidiary supplies faux chicken burgers. It also has 10 plant-based products in more than 3,000 U.S. stores under the OZO brand, where sales rose 300% last year.
By Fabiana Batista / BloombergRead full article Share on twitter