McCain Food’s Brazilian subsidiary has acquired a 49% stake in Brazil-based food manufacturer Forno de Minas Alimentos SA.
Forno de Minas was formed by the Mendonça family in 1990, and is a leader in Brazil’s cheese bread market.
The brand also produces a range of frozen and fresh products such as waffles, stuffed pasta, puff pastry and potato breads.
The company exports its products to over 15 countries, operates three factories in Brazil and registered annual revenue of $103 million last year.
Paolo Picchi, regional president of McCain Foods Latin America, commented: “This agreement presents a great opportunity for both companies, which have very strong brands in the Brazilian market.
“We trust in the success story of Forno de Minas and in the management of the Mendonça family to continue leading the company.
“McCain Foods and Forno de Minas have complementary appetiser/ snack strategies and are committed to high-quality products and excellence in customer service.
“The partnership presents a fantastic opportunity for both companies to strengthen and grow their presence in this market sector here in Brazil”.
Helder Mendonça, CEO of Forno de Minas said: “The partnership will certainly be very favourable to the growth of both Forno de Minas and McCain’s businesses.
“We now have the joint opportunity to expand our business in Brazil, as well as in the world market.”
Source: FoodBev
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