- Deal strengthens presence in the United States and Europe
- Rigamonti assumes the historic brands King’s and Principe, and the group’s entire operation in the United States, on top of four production facilities in Italy
SÃO PAULO, Dec. 14, 2021 /PRNewswire/ — JBS, the world’s leading global protein-based food company, has signed an agreement to acquire 100% of King’s Group by its subsidiary Rigamonti, currently the leader in production of bresaola. With this acquisition, JBS will have a presence in Italy’s three largest regions for specialties of pork with the D.O.P. and I.G.P. seals — Protected Denomination of Origin and Protected Geographical Indication. These classifications used by the European Union recognize the quality and unique characteristics of food produced in specific locations.
With the investment of €82 million (US$ 92.5 million), the company acquires four plants in Italy, two in the province of Parma, one in Vicenza and the fourth in Udine, as well as the entire operation of Principe in the United States, which includes a plant dedicated to slicing cuts in New Jersey.
The deal also covers the commercial operations of two historic brands renowned for their high quality in the Italian delicatessen market: King’s brand, founded in 1907 in Sossano, in the Veneto region, recognized by the Italian government as a "Historical Brand of National Interest", and Principe brand, founded in 1945 in Trieste, in the region of Friulli-Venezia Giulia. Rigamonti now holds a 20% equity stake in Piggly, Italy’s first producer of sustainable, 100% antibiotic-free pigs, with facilities in Mantova and Verona.
Present in the United States and in over 20 countries, King’s Group is a market leader in the production of Prosciutto di San Daniele D.O.P. and is an important player in the production of Prosciutto di Parma D.O.P., in addition to producing specialties like GranSpeck and Prosciutto Veneto D.O.P. The entire management of these assets will be assumed by Rigamonti, world leader in the production of Bresaola I.G.P.
The acquisition of King’s Group facilities and brands is strategic to the expansion of JBS in the United States and Europe, but also in other regions because the company will now have a portfolio and structure for producing and distributing authentic Italian specialties like prosciutto, bresaola, bologna sausage, speck and salami with certification of origin, using craft manufacturing and curing techniques.
"This acquisition is in line with our strategic approach of growing in high value-added products. It puts us among the leaders in Italian ‘salumeria’ and leverages our commercial strategy in the US, where we are investing US$ 200 million in an Italian specialties plant. The growth potential of the King’s and Príncipe brands in Europe and the United States is significant," said Gilberto Tomazoni, JBS global CEO.
"We are certain that JBS will work to preserve the intangible value of our brands and products with certification of origin, protecting the history of these veritable items of Italian heritage as it has already done with Rigamonti," said Claudio Palladi, Rigamonti CEO.
JBS will also reap additional synergy in the US market where the company’s subsidiary Swift Prepared Foods is building a new Italian meats and charcuterie facility in Columbia, Missouri, expected to open in 2022.
The deal was approved by the JBS board of directors and will be concluded after approval by antitrust authorities.
JBS is the leading global protein-based food company. With a platform diversified by types of product (poultry, pork, beef and lamb, as well as plant-based), the Company has over 250,000 employees in production units and offices on all continents, in countries like Brazil, the United States, Canada, the United Kingdom, Australia, and China, among others. In Brazil, JBS is the country’s largest employer, with over 145,000 employees. Worldwide, JBS offers an extensive portfolio of brands recognized for excellence and innovation: Swift, Pilgrim’s Pride, Seara, Moy Park, Primo, and Just Bare, among many others that reach the tables of consumers in 190 countries every day. The company also invests in correlated businesses like leather, biodiesel, collagen, personal hygiene and cleaning products, natural wrapping, solid waste management solutions, recycling, metallic packaging and transport with emphasis on the circular economy. JBS conducts its business prioritizing the high quality and safety of food and adopts the best sustainability and animal welfare practices across its entire value chain, and in March 2021 it assumed the commitment to be Net Zero by 2040. This means that JBS will zero the net balance of its greenhouse gas emissions by reducing the intensity of its direct and indirect emissions and offsetting all residual emissions. JBS was the first global company in the protein industry to establish this commitment, with the aim of feeding people around the world in an increasingly sustainable manner.