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April 14, 2020

Brazil’s Ultracheese snaps up Bufalo Dourado

Brazilian firm Ultracheese, which is backed by a local investment fund, has expanded its portfolio into a new cheese category through M&A.

By Dean Best

Brazilian firm Ultracheese has acquired Búfalo Dourado, a manufacturer of cheese made from buffalo milk, for an undisclosed sum.

Ultracheese, which is owned by private-equity firm Aqua Capital based in the Brazilian city of Sao Paulo, said the deal sets the company up to become one of the most diversified cheese makers in Brazil, adding to its portfolio of mozzarella and Prato, a traditional local cheese.

“Through Búfalo Dourado, we have added over 20 high-end products to our portfolio,” said Enrico Zito, who oversees Aqua’s investments in the cheese category. “This allows us to supply retailers with the best and most comprehensive range of cheeses in the market.”

Ricardo Rodriguez, a founding partner of Búfalo Dourado, will stay on as chief executive. The company supplies the retail and foodservice channels with a range of buffalo-based milk cheeses such as mozzarella.

He added: “By joining Ultracheese, Búfalo Dourado can now expand its exclusive mix of premium products and its retail intelligence beyond Sao Paulo, Rio de Janeiro and Rio Grande do Sul. Today, we focus on these states. With Ultracheese, we will take our products and deep knowledge of point-of-sale management to other markets.”

Ultracheese owns four manufacturing facilities in Cruzília (Minas Gerais province), Sao Joao do Oeste (Santa Catarina), and Amparo and Dourado (Sao Paulo). In a statement announcing the deal, the company said its sales have increased 50% over the past two years and is aiming to double those over the course of a four-year period, with further acquisitions potentially on the cards.

Zito continued: “Despite the current crisis caused by the coronavirus, we remain confident in Brazil and continue to seek investment opportunities in the cheese market. In addition to being highly dispersed, the sector is proving to be resilient.” 

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