Brazilian food group Camil Alimentos has entered an agreement to acquire Agroindustrias Dajahu, a rice producer in Ecuador.

The transaction will be conducted via Camil Alimentos’ business unit in Ecuador, Camilatam Ecuador, for the assets and brands related to rice production and processing owned by Dajahu, according to a stock-exchange announcement.

Camil Alimentos said the proposed deal also includes Dajahu’s freight and transport business Transportes Ronaljavhu, which is based in Samborondon in Ecuador.

The acquisition price is equivalent to US$36.5m and will be funded with a loan from the International Finance Corporation, a Washington-based division of the World Bank that funds projects in developing countries. However, the loan from the IFC is subject to due diligence procedures and the completion of negotiations with Dajahu.

The Brazilian firm said in the exchange filing Dajahu is one of the top rice producers in Ecuador “with significant market share and high-growth potential”, adding the deal is in line with Camil’s plans to expand its presence in the Latin American market.

Founded in 1963, Camil manufactures products such as rice, beans, biscuits and canned fish, including the brands Union and Coqueiro. The company went public in 2017 and is headquartered in the municipality of Itaqui in the state of Rio Grande do Sul.

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It has subsidiaries in Uruguay, Chile and Peru, with brand names such as Saman, Tucapel, Costeno and Paisana.