Sao Paulo / BR. (jbs) The Board of Directors of Grupo JBS gave their approval for the purchase of the totality of the shares of Massa Leve. The Price agreed was 260 million BRL of which 200 million BRL will be paid through the transfer of shares held in treasury by JBS which will need to be approved by the Brazilian regulatory authority, CVM. The transaction is also dependent upon the approval of the Brazilian Anti-trust authority, CADE.
Massa Leve has around 1’000 team members and is specialized in the production of ready meals, frozen pizzas, fresh pasta products, pies, cheese bread, pastries and sandwiches, all products that attend a growing demand for practicality and easy preparation in the kitchen.
Massa Leve was founded in 1992 in the city of Rio Grande da Serra in the state of Sao Paulo, close to the capital. The Company is a leader in the fresh pasta market and the third largest in ready meals, pizzas and sandwiches in Brazil.
With sales projected at around 400 million BRL in 2014, approximately 40 percent of this comes from the sale of freshly prepared products while the balance 60 percent is generated through the sale of frozen food products. The Company has a relevant presence in the retail sector under the Massa Leve brand and is the largest producer of house brands of the major supermarket chains in Brazil in this category. «This transaction increases our presence in the food basket of Brazilian consumers and enriches our relationship with our client base» Gilberto Tomazoni, CEO of JBS Foods, said in a statement.
After the regulatory approvals, Massa Leve will become part of the family of the JBS Foods business unit together with the legacy poultry, pork and further processed food products.
«Through this acquisition we are accelerating JBS strategy to grow in the value added product category. The transaction also allows us to increase our production capacity in all these product categories, generating relevant value for our Company and our shareholders», Wesley Batista, global CEO of JBS, stated.