Mexican poultry group Industrias Bachoco said it has reached an agreement to invest in local meat processor RYC Alimentos.

Founded in 1983, RYC Alimentos is based in Puebla, and serves both the retail and foodservice channels with beef, pork and chicken products under brands such as Practi Rico, Frontera, Confi and Cowboy Grill. It also has an operation in the US located at San Antonio in Texas.

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Bachoco did not provide further details in terms of any stake taken or whether it has acquired the business outright. just-food has asked for clarification.

Rodolfo Ramos, the CEO of Bachoco, said in a statement: “This agreement is in line with our inorganic growth strategy, allowing us to keep solidly moving towards the consolidation in animal proteins as well as in value-added products. At the same time, with this investment we reinforce our commitment of contributing with the nourishment of our consumers.”

The deal is subject to clearance from competition authorities.

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Bachoco is also present in the retail and out-of-home channels and generated net sales in the fiscal year to 31 December 2019 of MXN3.26bn (US$164.9m), 73% of which came from Mexico and the remainder from overseas. Net profit amounted to MXN171m. In 1997, the company gained stock market listings in its home country and also in the US. The business supplies chicken and turkey products, beef burgers, eggs and broths. It employs more than 28,000 people.

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Last year, Bachoco also invested in pork processor and distributor Sonora Agropecuaria in Mexico and two years earlier acquired Alabama-based Albertville Quality Foods via its US subsidiary OK Foods.