Brazilian entrepreneur Ricardo Faria’s group, Global Eggs, has successfully completed the $1.1 billion acquisition of U.S. egg producer Hillandale Farms.
This acquisition comes shortly after the group closed a new deal in Europe, according to Faria in a statement to Reuters.
The big picture: Global Eggs recently signed an agreement to acquire the Spanish company Granja Legaria, which is reported to have around 350,000 birds. The exact value of this deal was not disclosed by Faria.
- Ricardo Faria mentioned that Global Eggs aims to enhance its U.S. production capabilities while also focusing on expanding its presence in Europe. Discussions are currently ongoing with other egg producers in Europe as part of this expansion strategy.
Flashback: In November of last year, Global Eggs had already acquired Spain’s Grupo Hevo. Faria expressed satisfaction with the operations in Europe and the U.S., indicating a positive outlook for the company’s future endeavors.
Go deeper: Hillandale Farms, one of the top five egg producers in the U.S., is currently raising approximately 20 million laying hens. Faria stated the company’s commitment to increasing the flock by an additional one million birds within a year.
- The U.S. is facing an egg shortage due to a bird flu outbreak that has led to the loss of nearly 170 million chickens, turkeys, and other birds since 2022. As a result, the country is importing more eggs from countries like Turkey, Brazil, and South Korea to meet the demand shortfall.
