USA, Austin, Minnesota. Hormel Foods Corporation announced it has acquired Cidade do Sol, a growing, branded, value-added meats company in Brazil. The company offers more than 70 products in 15 categories including authentic meats such as mortadella, sausage and salami for Brazilian retail and foodservice markets under the popular Ceratti brand.
“Strategic international growth is important to Hormel Foods and South America has been of interest to us for several years,” said Jim Snee, president and chief executive officer, Hormel Foods. “The Ceratti brand has a strong family ownership and a rapidly-growing distribution of its portfolio of value-added products. This acquisition is a strategic fit for Hormel Foods, provides us an initial entry into the Brazilian market and will serve as a platform for future growth in South America.”
The purchase price was approximately US$ 104 mill., subject to customary working capital adjustments. Cidade do Sol will report into Hormel Foods International Corporation. Hormel Foods was advised by HT Capital Advisors LLC, Faegre Baker Daniels LLP, and TozziniFreire Advogados.
Source: Hormel Foods