JBS, Meat Giant, Acquires 50% of Mantiqueira, Egg Giant

JBS announced on Monday morning (January 27) the acquisition of 50% of Mantiqueira, marking the world’s largest beef company’s entry into the egg segment. The deal’s completion is still subject to approval from Brazil’s Administrative Council for Economic Defense (Cade).

This agreement brings together two industry leaders. JBS dominates the global beef market, while Mantiqueira is the largest player in the egg market in South America. With an annual revenue of around R$ 2 billion, Mantiqueira operates in six Brazilian states, employs 3,000 people, houses 17.5 million hens, and produces 4 billion eggs annually.

Unlike its new partner, Mantiqueira is not a global leader; it ranks 10th worldwide. However, JBS holds significant potential to expand in both the domestic market and internationally.

Discussions about a possible partnership between the two companies initially focused on the potential for collaboration in the U.S. market. “The decision to enter this new business is, first and foremost, based on its attractiveness. It’s a lucrative business with global potential,” said JBS Global CEO Gilberto Tomazoni in an interview with Valor Econômico. “Everyone eats eggs.”

He added that the egg segment’s appeal includes strong growth, high penetration across all consumer demographics, and nutritional benefits—now, eggs, once considered diet villains, have become staples in nutritionists’ recommendations. Additionally, Tomazoni noted that eggs “enhance JBS’s presence on the breakfast plate.”

The decision to partner with Mantiqueira, rather than other companies in the segment, was partly influenced by Mantiqueira’s leadership position. “We only enter a business to be leaders,” said Tomazoni. He also noted that an “alignment of values” between the two companies was key to JBS taking a non-dominant position in Mantiqueira—an exception for the group, which usually takes controlling stakes in its acquisitions.

A Change in Partnership

JBS acquired the 50% stake previously owned by businessman Carlos Cunha, who partnered with Mantiqueira’s founder, Leandro Pinto, at the turn of the century. Cunha, who led the Rio de Janeiro-based RDC group—owner of the Rainha, Continente, and Dallas supermarket chains—had purchased 50% of the eggs sold by Mantiqueira. When Carrefour acquired RDC in 1999, Pinto feared the impact on his company’s future and invited Cunha to become his partner.

In a statement released by JBS, Pinto called the company’s entry into Mantiqueira a “natural and strategic move.” “We are ready. We are leaders in Brazil, and with JBS on board, we’ll have better access to market opportunities and gain the necessary expertise to become a relevant competitor abroad. This partnership is a milestone in our strategic plan, which has always aimed to expand into new markets alongside organic growth,” he said. Mantiqueira currently exports to South America, Asia, Africa, and the Middle East.

Following the agreement, Mantiqueira’s leadership will not change. Márcio Utsch, who has served as the company’s CEO for nearly two years, will remain in his role—he also holds a minority stake of 3% in the company’s share capital. JBS and Mantiqueira are now discussing whether the company’s board of directors will have four or six members. Pinto will remain chairman of the board.

Source: Globo Rural

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