JBS S.A. completes Toledo Group acquisition
July 14, 2010
by Meat&Poultry Staff
SÃO PAULO, Brazil – JBS S.A. has finalized its acquisition of the Toledo Group (including Toledo International nv) located in Gent, Belgium, for an enterprise value of EUR 11 million (US$13.8 million). The Toledo Group specializes in researching, developing and commercializing customized cooked and frozen beef products for a wide range of end-users throughout Western Europe. Its customer base includes more than 100 clients ranging from foodservice, industrial kitchens to large food companies that use beef products as an ingredient in their finished products.
In 2009, the Toledo Group achieved net revenues in excess of US$50 million. The business was founded by Clayton Toledo and Bob Stevens more than 20 years ago and has pioneered the development of these cooked-beef products through partnerships at the production level with South American beef companies.
During the last two decades, exports of such products from South America has increased more than tenfold due, in large part, to the pioneering work of Toledo and Stevens, JBS said.
"We are proud to have this opportunity to continue the sales growth of these cooked beef products with this strategic acquisition, enhancing our customer base as well as our value-added portfolio", said Joesley Batista, chairman and chief executive officer, JBS S.A. "It is with a focus on these specialized customers that we plan to continue adding value to our business, partnering with strong regular clients to the benefit of all our stakeholders.”