Biobest closes transaction in acquisition of Biotrop in Brazil

December 28, 2023

Biobest Group N.V., Aqua Capital, GIC and management of Biotrop announced the completion of Biobest’s acquisition of Biotrop Participações s.a.

As agreed in the contract signed in early September, Biobest has acquired approximately 85 percent of the shares based on an enterprise value of BRL 2.8bn (EUR 532m) on a fully diluted basis. The remaining 15 percent will be acquired by Biobest after a transition period of three years.

Between signing and closing, Biobest successfully completed a EUR 365 Mio capital increase to finance the transaction with participation of its existing shareholders (Sofina, some Belgian families, and management) and by new shareholders (Tikehau Capital, M&G Investments, Unigrains, Sofiprotéol and several families close to its majority shareholder, Floridienne).

With this transaction, Biobest takes a major position in South America and is fully equipped to start its transformation journey from a horticulture biocontrol and pollination specialist to a major biologicals player in agriculture, covering beneficials, biopesticides, biostimulants and bioinoculants, and pollination in covered and in open-field crops.

Biotrop’s management team will continue to drive the company’s growth and becomes part of Biobest Group’s global leadership, including Biotrop CEO Antonio Zem.

“Building on the foundation and global recognition of the Biobest brand as a leader in biocontrol solutions for horticulture, our company is considerably extending its portfolio with the strengths and brands of Biotrop, Bioworks, and Plant Products,” said Biobest CEO Jean-Marc Vandoorne. “These additions, achieved through strategic acquisitions in 2023 and 2022, are pivotal in our growth strategy. As a result, we are crafting a new, more efficient, and effective divisional structure that builds upon these four powerful brands. This evolution will include adopting a new group name, BioFirst Group, in future. Our aim is to harness the unique capabilities of each brand, enabling us to develop tailored strategies for diverse markets.”

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