The businessman Ricardo Faria showed that even in the egg market it is important to diversify baskets. Faria, controller of Granja Faria – one of the main protein producers in Brazil – announced this Wednesday (13) the acquisition of the Spanish group Hevo for €120 million (around R$730 million), marking the businessman’s first foray into this segment outside the country.
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The purchase was made by the holding company Global Eggmade up of Faria and some partners, which makes Hevo just a “brother” of Granja Faria, without sharing the same management. With an annual turnover of around €180 million (R$1.1 billion), 15 farms distributed in different regions such as Catalonia, Basque Country, Madrid and Valencia, the Hevo group is the second largest egg producer in Spain, with around 10% of a market that generates €1.6 billion (R$9.8 billion) per year.
“The Spanish market has a similar spread to Brazil, and we have opportunities to improve efficiency here and increase the number of birds,” said Ricardo Faria, in a conversation with journalists. In a mix of greater efficiency and a scenario in which egg consumption in Spain is at an all-time low, Faria sees room to accelerate quickly. “Our aspiration is to reach 30% market share over the next five years.”
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From the Hevo group, Ricardo Faria and Global Egg’s goal is to expand their operations to countries neighboring Spain: Portugal, France and Italy. “It’s an opportunity to invest and earn income in another currency at a time when interest rates make investing in Brazil difficult,” added the executive.
