Brazilian snacks and biscuits maker M. Dias Branco plans to expand its portfolio with a proposed deal for fellow local business Latinex International Import and Export.
Sao Paulo-based M. Dias Branco said it has entered an agreement to acquire Latinex for BRL180m (US$33.1m), although the purchase price could reach as much as BRL272m if certain performance targets are met under terms of the negotiations.
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While Latinex operates in the same categories of pasta and snacks as M. Dias Branco under its Fit Food brand, it is also present in seasonings, condiments and sauces with its Smart line of products, an area the company said reflects its “commercial strategy, including in its portfolio products with high-growth potential and added value”.
Based in Sao Jose dos Pinhais in the Brazilian state of Parana, Latinex also owns the Frontera brand of tortilla chips and the Taste & Co line.
If the deal is finalised, the two companies will operate independently, publicly-listed M. Dias Branco said in a statement, adding that the transaction is not subject to approval by the country’s competition body – The Administrative Council for Economic Defense (CADE).
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