Potato and frozen food specialist McCain, via its Brazilian subsidiary, is taking a 49% stake in Forno De Minas, a manufacturer of traditional Brazilian pao de queijo (‘cheese bread’), according to a report in Foodbev.
Founded in 1990, Forno De Minas manufactures a range of frozen and fresh products including waffles, filled pasta and puff pastry, in addition to its flagship pao de queijo product line, a category in which it is market leader. The company operates three factories in Brazil and registered annual revenue of $103 million in 2017.
Commenting on the deal, Paolo Picchi, regional president of McCain Foods Latin America, commented: “This agreement presents a great opportunity for both companies, which have very strong brands in the Brazilian market. […] McCain Foods and Forno de Minas have complementary appetiser / snack strategies and are committed to high-quality products and excellence in customer service. The partnership presents a fantastic opportunity for both companies to strengthen and grow their presence in this market sector here in Brazil”.
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