JBS acquires 50% of South America’s largest egg producer

This deal marks the Brazilian giant’s entry into the market of the ‘missing protein’ in its portfolio, which includes beef, pork, poultry, aquaculture, and alternative proteins such as plant-based and cultivated options.

The transaction is still subject to approval by the Brazilian Administrative Council for Economic Defense. With this investment, JBS and Leandro Pinto, Mantiqueira’s founder, will share control of Mantiqueira.

Although financial details of the deal were not disclosed, the company’s enterprise value, which considers its debt and cash, was estimated at €310 million. JBS will hold a 48.5% equity stake, while control will be equally shared between the parties.

Mantiqueira Brasil

With an annual revenue of around €360 million, Mantiqueira Brasil operates in 6 Brazilian states, employs 3,000 people, and houses 17.5 million chickens. The company produces 4 billion eggs annually, with an installed capacity to house up to 22 million chickens.

Mantiqueira is also known for its strong brands, such as Happy Eggs, which focuses on free-range egg production, and Fazenda da Toca, a benchmark in organic egg production.

Over recent years, the company has heavily invested in expanding its portfolio and developing higher value-added products.

Strategic diversification

In a statement, JBS emphasised that the acquisition strengthens its strategy of geographic and protein-type diversification and represents the compnay’s entry into the egg sector.

Gilberto Tomazoni, JBS Global CEO, highlighted that the egg sector presents a strategic opportunity due to the steady growth of global consumption: “Eggs are an accessible, versatile, and healthy source of protein, with the potential to serve as both an ingredient and a final product. This investment aligns with our long-term strategy to diversify our portfolio and invest in value-added brands,” Tomazoni said.

Maintaining the board

Following the agreement, Mantiqueira’s leadership team remains unchanged. Márcio Utsch will continue in his role. He is the CEO of the company and a minority shareholder with a 3% stake. The board of directors, led by Leandro Pinto, will be structured jointly.

Egg production and consumption up

Egg production in Brazil reached 57.6 billion units in 2024, representing a 9.8% increase compared to 2023. Per capita consumption grew to 269 units, an increase of 11.2%. Exports, however, are forecast to decline to 18,400 tonnes, a drop of 27.3% compared to the 25,404 tonnes exported in the previous year.

For 2025, the Brazilian Association of Animal Protein (ABPA) projects production of 59 billion units (+2.4%) and per capita consumption of 272 units (+1.1%). Meanwhile, exports are expected to grow by 16.7%, reaching a total of 21,000 tonnes.