Potato and frozen food producer McCain has announced the acquisition of a further 51% stake in Brazilian pao de queijo (‘cheese bread’) manufacturer Forno de Minas, taking its shareholding in the company to 100%.
McCain first took a minority stake in Forno de Minas in 2018.
“The partnership presents a fantastic opportunity for both companies to strengthen and grow their presence in this market sector here in Brazil”, commented Paolo Picchi, regional president of McCain Foods Latin America, at the time.
Founded in the 1990’s, Forno de Minas currently employs 1,200 people and sells its products in over 90% of supermarkets in Brazil.
Financial details of the deal were not disclosed.